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G/O Media agrees to sell The A.V. Club and The Takeout

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Mar 26, 2024
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Illustration: Annelise Capossela/Axios

G/O Media has agreed to sell off two more of its publications, pop culture site The A.V. Club and food site The Takeout, adding to a lengthening list of brands that it's shedding.

Why it matters: The disposals follow an ad market drop that sparked the unraveling of G/O's digital media portfolio.

The big picture: G/O has engaged with potential buyers for nearly every part of its business, sources say.

  • Its remaining sites are Gizmodo, Jalopnik, Kotaku, Quartz, The Root, The Inventory and The Onion. The New York Post reported on Tuesday that G/O is also putting The Onion up for sale.

Zoom in: Paste Media agreed to buy The A.V. Club. Paste bought feminist-focused brand Jezebel and political news site Splinter from G/O last year.

  • Indianapolis-based Static Media agreed to acquire The Takeout. It joins Static's existing food brands, which includes Tasting Table, Daily Meal, Food Republic, Mashed, Foodie and Chowhound. Those brands reach 38 million monthly visitors, Static CEO Reggie Renner told Axios.
  • Private equity firm Novacap acquired Static a year ago.

What they're saying: G/O has been undergoing an "extensive review of our portfolio," CEO Jim Spanfeller said in a staff memo on Tuesday. Terms of the sales were not disclosed.

Catch up quick: Private equity firm Great Hill Partners acquired G/O in 2019. Last year, G/O sold lifestyle website Lifehacker to Ziff Davis. Earlier this month, it sold sports blogging site Deadspin to Lineup Publishing.

Between the lines: G/O relies heavily on digital ad revenue, a struggling market beaten down by a spending pullback and competition from social platforms.

  • In January, Spanfeller told Axios that he expects improvements with the ad market in 2024 and that he did not plan to sell the entire company.

What's next: The sales of The A.V. Club and The Takeout are expected to close later this week, Spanfeller said in Tuesday's memo.

  • Spanfeller said two staffers of The A.V. Club will not join Paste. Two staffers of The Takeout are being offered jobs at Static while the third will be offered a reassignment at G/O.
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