[NEWS] Gizmodo Media Group acquired by private equity firm Great Hill Partners – Loganspace

[NEWS] Gizmodo Media Group acquired by private equity firm Great Hill Partners – Loganspace

GizmodoMedia Neighborhood and The Onion own a recent owner — non-public equity firm Good Hill Partners.

As share of the deal, digital media govt Jim Spanfeller is becoming CEO of (and an investor in) the renamed G/O Media. Spanfeller previously led Forbes.com as CEO and moreover based mostly Spanfeller Media Neighborhood, the corporate within the succor of the Day-to-day Meal.

“This probability comes at a time when the total digital media category is starting to be known all over again for its irregular capacity to meet the varied negate material and provide wants of potentialities and advertisers,” Spanfeller said in an announcement. “Because the perfect player in our residence, G/O Media is in an perfect field to capitalize on this dynamic, and I’m enraged to collaborate with to take into accounta good crew that boasts an valuable song file to additional magnify our attain, add tag to our advertisers and enrich our company’ lives.”

According to the announcement, G/O Media Neighborhood web sites attain around 100 million irregular company every month. The Gizmodo Media Neighborhood comprises Deadspin, Jezebel, Kotaku, Lifehacker and others, moreover to Gizmodo itself. They began out as share of Gawker Media, and own beenreceived by Univisionfollowing Gawker’s correct defeat in a lawsuit by Terry Bollea (a.k.a. Hulk Hogan), and its subsequent financial ruin.

The acquisition became share of a increased effort by Univision to a attain an English-language target market — itmoreover received its initial stake in The Onionat around the similar time. Since then, on the varied hand, Univisiontook a write-down on its English-language sourcesand becamereportedly seeking to sell them.

The Wall Toll road Journal, which first reported that Good Hill became in talks to create the Gizmodo portfolio, now saysthe firm is anticipated to pay “indispensable much less”than the $135 million that Univision paid in 2016. Good Hill previously worked with Vivek Shah to create author Ziff Davis, which became thensold to j2 Global.

Meanwhile, the Gawker web dispute becamereceived individually by Bustle owner Bryan Goldberg. It’s struggled to salvage off the ground, on the varied hand, withits writing employees resigning earlier this one year.

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