Univision invests in satirical news site The Onion
The move is an effort to broaden their multicultural and digital footprint, says company.
MORE IN THIS SECTION
In a move which many major news sources seem to be having trouble believing, Univision Communications Inc. announced Tuesday that they have invested in satirical news website, The Onion.
Area Satirical Publication The Onion Sold To Univision (Seriously) -NPR
No joke: Spanish network Univision buys stake in The Onion - CBS News
Can you say 'La Cebolla'? Univision buys stake in The Onion -Chicago Tribune
Univision bites into The Onion - Miami Herald
In a release, Univision did not disclose the terms of the transaction, but said that their digital arm has become a “minority investor.” NPR broke the story earlier this morning, saying two unnamed sources told them the deal involves Univision getting 40 percent stake in the company. The NPR report also said deal terms give Univision the right to buy The Onion.
Univision said the move is an effort to broaden their “multicultural, digital footprint and its reach with a highly coveted millennial audience.” In an attempt to reach out to a younger bilingual audience, Univision partnered with ABC in 2013 to launch Fusion Network. Adding The Onion “is a great fit for and a significant step forward in our digital strategy as we continue to expand the ways we entertain and inform millennial and multicultural audiences,” said Isaac Lee, Chief News and Digital Officer of Univision and CEO of Fusion in a statement.
“Comedy is playing an expanding role in our culture as a vehicle for audiences to explore, debate, and understand the important ideas of our time,” he said. “It has also proven to be an incredibly engaging format for millennial audiences, and is expected to play a key part in the 2016 presidential election process via our robust content offerings in Spanish and English.”
Last year, Univision acquired The Root an online-based news and culture news company focused on African-American culture. Lee mentioned the investment in The Onion is part of the same strategy behind The Root’s acquisition.
Univision says The Onion will continue to operate independently.