Gizmodo to be acquired for second time in 4 years

Private equity firm Great Hill Partners has agreed to acquire Gizmodo Media Group from Univision, forming a new company led by digital media exec Jim Spanfeller, reports the Wall Street Journal's Benjamin Mullin.

Here's the story: The new boss of GMG, Jim Spanfeller, plans to invest in paid content and e-commerce.https://t.co/pcx4YyTEeR

— Ben Mullin (@BenMullin) April 8, 2019

Excerpt:

For the second time in four years, the former Gizmodo Media Group home to both the eponymous tech site, as well as Deadspin, Jezebel, the Onion, the Root, and ClickHole, among others has a new owner. Great Hill Partners, a private-equity firm based in Boston, has reached an agreement to purchase Gizmodo Media Group from Univision for what will likely be much less than the $135 million Univision paid in 2016 to acquire most of the Gizmodo properties.

Wow.

The deal was previously reported by the WSJ as a potential option for GMG, so it doesnt come as a total shock, as NYMag's Madison Malone Kircher writes:

Also for the second time in as many years, the company will be getting a name-change. Gizmodo Media Group will henceforth know be known as G/O Media Inc. a nod to Gizmodo and the Onion, both GMG properties. Its new boss will Jim Spanfeller, whos worked at Forbes.com, PC Magazine, and RealClearPolitics.

Spanfeller sent an email to his notoriously independent new staff this morning, saying he looks forward to meeting everyone soon and answering their (likely many) questions. Including ones about editorial independence: While editorial independence is critically important, there needs to be a healthy and productive partnership with the business side for the company to be truly successful, Spanfeller wrote.