Univision Communications has purchased a 40 percent stake in The Onion and its collective sites, including ClickHole and The A.V. Club. Despite the 40 percent investment, NPR reports that this gives Univision a “a controlling stake” in The Onion.
Univision (which already owns Fusion) will also have the option to buy The Onion outright.
In a memo to staffers, Onion CEO Mike McAvoy said the move would allow The Onion to expand.
“Univision is excited to help Onion Inc. grow, and to provide the resources to both support our long-standing mission and fund new initiatives,” wrote McAvoy.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in