Univision is making a U-turn in its digital media technique.
The Spanish language media firm stated Tuesday that it’s trying to promote a lot of the on-line properties that it has acquired prior to now few years.
This contains the household of internet sites previously often known as Gawker Media — together with manufacturers like Gizmodo and Jezebel — and the satirical publication The Onion.
Earlier administration had grand aspirations for the portfolio of internet sites. However Univision is now going via a drastic overhaul, partly as a consequence of challenges in its broadcast tv enterprise and broader struggles to fulfill its personal fairness house owners.
So the websites are occurring the block. Univision stated Tuesday that it has enlisted Morgan Stanley to “discover the sale” of the digital belongings.
In an inside memo, Univision’s new CEO, Vince Sadusky, stated “there isn’t a doubt in my thoughts” that the web sites “can thrive much more as a part of an organization whose focus aligns higher with theirs.”
“Likewise, it is necessary for Univision to exit a enterprise which doesn’t improve our core mission, and as an alternative refocus on our strengths,” Sadusky wrote.
That core mission is about Spanish-language TV and radio programming. The corporate will nonetheless retain some web sites after the sale.
It was simply two and a half years in the past when Univision purchased The Onion and its sibling web sites, signaling a brand new effort to achieve English language shoppers. The deal was struck in January 2016. Later that yr, Univision received the Gawker Media belongings, which have been rebranded as Gizmodo Media Group, via a chapter public sale.
The portfolio of manufacturers, from Deadspin to Splinter, AV Membership to Lifehacker, are well-known components of the digital ecosystem. However they’ve confronted among the identical uphill battles as different digital media companies. Greater than 40 staffers at GMG reportedly took buyouts final month as a part of funds cuts ordered by Univision.
They’ve confronted some distinctive pressures from inside Univision. A group of GMG journalists documented the corporate’s missteps in methodical element in a current investigation.
The journalists stated the story was about “how company raiding, complacency, extra, and incompetence” was “gutting a media firm that issues to tens of tens of millions of individuals.”
CNNMoney (New York) First printed July 10, 2018: 5:51 PM ET