'The Onion' Gets A New Owner

Private-equity firm Great Hill Partners has agreed to acquire Gizmodo Media Group from Univision Communications Inc., the companies said, ending the Spanish-language broadcaster’s foray into English-language digital media.

According to The Wall Street Journal, James Spanfeller, the former chief executive of Forbes.com and president of consumer magazines at digital publisher Ziff Davis, will become chief executive of G/O Media Inc., a new company created from the assets. Gizmodo Media Group includes sites Gizmodo, The Onion, Jezebel, Deadspin and Lifehacker.

The companies didn’t disclose the deal’s price. People familiar with the sale process said they expect Great Hill Partners to pay much less than the $135 million Univision paid in 2016 to acquire most of the Gizmodo properties.

Digital-media companies have struggled to accelerate their revenue growth, as they battle with tech giants like Alphabet Inc.’s Google, Facebook Inc. and Amazon.com Inc. for digital advertising dollars.