Stories

Univision confirms its exploring sale of Gizmodo Media and The Onion

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."