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. “They’ll 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.”