Univision Communications sold Gizmodo Media Group and The Onion for an undisclosed amount.
Great Hill is expected to form a new company called G/O Media Inc.
With the sale, Great Hill will form a new company called G/O Media Inc., headed by digital content industry vet Jim Spanfeller, who also will be a"significant investor" in the company. The sale puts an end to Univision's bid — under then-CEO Randy Falco — to diversify beyond its Hispanic-broadcasting core business into what it had hoped would be a fast-growing, young-skewing mass digital play.Univision had said last summer that it was looking to offload the digital-media assets.
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