Univision, the New York City-based media company serving Hispanics and Latinos, is looking to sell a portfolio of websites operating under the Fusion Media brand — which includes Gizmodo, The Root, Lifehacker, and Deadspin.
According to The Wall Street Journal, the sale of Fusion Media Group would be part of a companywide restructuring after a leadership change. One of the biggest management changes was that Randy Falco announced his retirement from the role as president and CEO of Univision. The company’s board of directors named Vincent Sadusky as Falco’s successor as of June 1, 2018. A few months ago, Univision also laid off over 150 employees.
Univision attempted to sell 20% of the portfolio for $200 million. But Univision was not able to find any investors based on that valuation.
Many of the brands within the Fusion Media Group were picked up as part of Univision’s acquisition of Gawker Media for $135 million two years ago. The Gawker Media brand was sold as it struggled to recoup from the losses incurred from Hulk Hogan’s lawsuit, which was backed by billionaire tech entrepreneur Peter Thiel.
Fusion was a joint venture that Univision and The Walt Disney Company had created in 2013. However, Univision had acquired full control of Fusion Media Group from The Walt Disney Company back in April 2016. And Fusion Media Group was set up four months after Univision acquired Disney’s ownership.
Fusion is a digital news service and cable channel that targets millennial audiences. Some of the digital properties that Fusion included are The Root, The Onion, Clickhole, and A.V. Club.