Univision Communications Inc. and Onion Inc. have announced that UCI’s digital arm is now a minority investor in Onion Inc., which will act as a “complementary extension of UCI’s Spanish- and English-language digital portfolio, broadening the Company’s multicultural, digital footprint and its reach with a highly coveted millennial audience.” The terms of the transaction have not been disclosed, but UCI described its interest in Onion Inc. as being fueled by The Onion’s role as a “leading force of this phenomenon of intellectual, social, cultural and satirical commentary online.”
Isaac Lee, chief news and digital officer of Univision and CEO of Fusion, stated in a press release that “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.” Lee elaborated a bit on UCI’s vision for the partnership:
“The Onion has been, and continues to be, a leading force of this phenomenon of intellectual, social, cultural and satirical commentary online. As we did with the acquisition of The Root in 2015, with Onion Inc. we are expanding our role as a go-to source for digitally connected, diverse audiences. Including Onion Inc. as part of our portfolio 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.”
Of the new joint venture, Onion Inc. president and CEO Mike McAvoy said, “Onion Inc. has remained successful by putting editorial first. We’re excited to partner with Univision, a company that understands and appreciates that foundation, and that can provide additional resources, expertise, and opportunity for our talented staff.”
Onion Inc. will operate independently and maintain the integrity of its publications and editorial voice. When reached for comment by turning slightly to the left and shouting, Onion Inc. editorial director (and former A.V. Club editor-in-chief) Josh Modell said, “All indications and conversations point to the notion that we’ve found excellent partners who value what we do and want to help us make it bigger and better.”