DeepEnigma
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Duplicate of: https://www.neogaf.com/threads/univision-sells-gizmodo-media-group-to-private-equity-firm.1475675/
Source: Wall Street Journal
Private-equity firm will add several websites to its portfolio, including Gizmodo, Lifehacker, Deadspin and The Onion
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.
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.
In 2017, the Gizmodo Media Group sites—which were part of a larger Univision unit called Fusion Media Group—generated more than $80 million in revenue, according to a document reviewed by the Journal, but still lost about $20 million. Univision took an impairment charge on Gizmodo Media Group of more than $120 million in 2018, The Wall Street Journal reported in February.
Source: Wall Street Journal
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