Univision has announced a minority investment in The Onion, the satirical news site. “Comedy is playing an expanded role in our culture,” said Isaac Lee, chief news and digital officer for Univision, and chief executive at Fusion. “It has also proven to be an incredibly engaging format for millennial audiences.”
Terms of the deal were not disclosed, but Univision says The Onion will continue to operate independently “to maintain the integrity of the brand,” while Univision will have oversight of opportunities to expand distribution and explore “new content opportunities” for Onion brands across multiple digital platforms.
“We’re excited to partner with Univision, a company that…can provide additional resources, expertise, and opportunity for our talented staff,” said Mike McAvoy, president of Onion Inc.
The Onion began as a print weekly in 1988 by students at the University of Wisconsin. It expanded in 1993 with the creation of The A.V. Club. The outlet moved to New York in 2001, where it remained until 2012 when it returned to the Midwest, relocating to Chicago. The final print issue came out in 2013.