Univision Communications Inc. (UVN) said that it has initiated a formal process to explore the sale of the assets comprising the Gizmodo Media Group and The Onion. The company determined that pursuing a sale of GMG and The Onion collectively will allow UCI to focus on its core assets.The company has engaged Morgan Stanley as financial advisor to assist in the process.
The Gizmodo Media Group digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther and Jalopnik and The Onion portfolio includes, The Onion, Clickhole, The A.V. Club and The Takeout.
There is no assurance that the process to explore the sale of these assets will result in any transaction or the adoption of any other strategic alternative.
Source: Nasdaq
