Univision has acquired a controlling stake in satire news site The Onion, NPR’s David Folkenflik reported Tuesday morning.
According to NPR, Univision purchased 40 per cent stake in The Onion, whose digital properties receive 25 million monthly users. The terms of the deal haven’t been disclosed.
Besides The Onion itself, the company includes properties like viral news parody website Clickhole, The AV Club, and other book and video projects.
Spanish-language broadcaster Univision, along with Disney, also has a stake in media venture Fusion.
The Onion’s CEO Mike McAvoy said in a memo to his staff on Tuesday that Fusion would be playing a big part in the future of The Onion.
Courtesy of NPR, here’s a bit of that memo:
“So what does this mean for us as a company? Good things. Univision is excited to help Onion Inc. grow, and to provide the resources to both support our long-standing mission and fund new initiatives. They will help us keep the foundation strong and to build great new things on top of it. As an independent media company, we’ve always been forced to run a tight financial ship, which has made us smart and lean, but not always ready to invest in the great new ideas that we come up with.”
The Onion-Univision deal comes at a time of increased turbulence and consolidation in the media landscape.
Since the start of 2016 just weeks ago, The Huffington Post has announced it will cut its HuffPost Live video series, Al Jazeera has announced it will be shuttering Al Jazeera America, and BuzzFeed is consolidating two of its sections and has lost half a dozen staffers (though it’s unclear if those staffers were let go of or if they were routine departures).