Great Hill Partners, a leading growth-oriented private equity firm has acquired Gizmodo Media Group and The Onion, a collection of premium digital content producers, from Univision Communications Inc.
The combined assets will form a new company named G/O Media Inc. that will be led by digital content industry veteran James (“Jim”) Spanfeller, who will also be a significant investor in the company.
The Financial terms of the deal were not disclosed.
Gizmodo Media Group and The Onion which was earlier acquired by the Gawker Media reach more than a third of all Americans online each month with approximately 100 million unique visitors, including its extended network.
The Company’s collection of digital-first brands serve young, diverse influencers with content that reflects their values and passions, including category-leading sites focused on technology (Gizmodo), car culture (Jalopnik), modern women’s interests (Jezebel), sports (Deadspin), life tips and hacks (Lifehacker), gaming (Kotaku), and African American news and culture (The Root), and The Onion, which includes The A.V. Club and ClickHole.
“This opportunity comes at a time when the entire digital media category is beginning to be recognized again for its unique ability to meet the diverse content and delivery needs of consumers and advertisers,” said Spanfeller.
“As the largest player in our space, G/O Media is in an ideal position to capitalize on this dynamic, and I am excited to collaborate with a great team that boasts an incredible track record to further expand our reach, add value to our advertisers and enrich our visitors’ lives. G/O Media is already the leader among digital media companies speaking to the
Spanfeller played a key role as a CEO in building Forbes.com to market leadership and most recently built a native digital content company from the ground up that featured The Daily Meal and The Active Times, which he successfully sold to Tronc Inc. in December 2016.
Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception.
Great Hill Partners has deep experience across the media and digital media sectors, with a successful track record of investing in and adding value to companies such as Ziff Davis, IGN, Momondo Group, Educaedu, Legacy.com, Action Media, All Web Leads (AWL), BuscaPé.com, Recruiting.com, Dame Broadcasting, and Palm Beach Broadcasting.
The equity firm currently targets investments of $25 million to $200 million.