The Gawker empire is turning into a wad of garbage passed around lower and lower on the totem pole. After Hulk Hogan had bodyslammed Gawker, Univison made a failed effort at turning the left-wing sites around.
Now Univision is taking a hit and dumping the mess on a private equity firm.
Private-equity firm Great Hill Partners has agreed to acquire Gizmodo Media Group from Univision Communications Inc., the companies said, ending the Spanish-language broadcaster’s foray into English-language digital media.
The companies didn’t disclose the deal’s price. People familiar with the sale process said they expect Great Hill Partners to pay much less than the $135 million Univision paid in 2016 to acquire most of the Gizmodo properties.
Gizmodo includes a variety of toxic Gawker properties, of which the eponymous Gizmodo is probably the least toxic. That includes openly racist black nationalist blog, The Root, Deadspin, I09 and Splinter. Also The Onion is packaged with this mess. And the mess is losing money.
In February, Univision said Gizmodo Media lost $32.5 million in the fourth quarter. A well-placed source told The Post that the unit brings in $80 million a year.
“Univision just wanted to get rid of it,” said a source, who declined to reveal the sales price except to say it was ”very low.”
After this, it’ll be time to put what’s left of Gawker on eBay.