Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
ROBYN BECK/AFP/Getty Images
Univision Communications Inc., which owns the largest Spanish broadcasting network in America, announced Tuesday that it has initiated a formal process to explore the sale of some of its largest digital assets, including the Gizmodo Media Group and The Onion.
Why it matters: Univision purchased the group of millennial websites within Gizmodo Media Group just a little over a year ago, but rumors of a sale have been circulating for months. Univision has also scrapped its IPO plans, citing "prevailing market conditions."
What's at stake: Gizmodo Media Group's digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther, and Jalopnik. The Onion's portfolio includes, The Onion, Clickhole, The A.V. Club, and The Takeout.
"The Company determined that pursuing a sale of GMG and The Onion collectively will allow UCI to focus on its core assets and further strengthen UCI’s position as the No. 1 media company serving U.S. Hispanics, while enabling both GMG and The Onion even greater opportunities to grow under new ownership."— Univision in a statement
Univision adding that there is no assurance that the process to explore the sale of these assets will result in any transaction. The company says it has engaged Morgan Stanley as financial advisor to assist in the process.