An article in the Wall Street Journal reports:
Private Equity Firm Great Hill Partners in Talks to Buy Gizmodo Media Group
Since WSJ content is behind a paywall (which I circumvented by clicking on a link to the story in an email), I’m posting the pertinent passages here:
Great Hill Partners is in exclusive talks with Spanish-language broadcaster Univision Communications Inc. to buy Gizmodo Media Group, according to people familiar with the matter, a deal that would add a marquee digital brand to the private-equity firm’s portfolio.
The financial terms of the negotiations weren’t disclosed, and it is possible a deal may not happen.
Univision acquired most of the websites in Gizmodo Media Group in 2016, when it purchased most of Gawker Media Group in a bankruptcy auction for $135 million. Univision already owned the Root, an African-American news site, and a stake in satirical website the Onion, which it grouped with the assets from Gawker Media. Gizmodo Media Group also includes the websites Deadspin, Gizmodo and Lifehacker, among others.
On Thursday, Univision said it took an impairment charge of more than $120 million for Gizmodo Media Group last year.
Boston-based Great Hill Partners has experience in the digital-media business. In 2010, it backed veteran media executive Vivek Shah in his purchase of publishing company Ziff Davis. In 2012, it sold Ziff Davis to technology company j2 Global Inc. for about $167 million.
James Spanfeller, the former chief executive of Forbes.com and the founder of the Spanfeller Media Group, is consulting with Great Hill Partners on the deal, people familiar with the matter said. Like many private-equity firms, Great Hill Partners often pairs an executive with subject-matter expertise with an asset they are interested in acquiring.
So it sounds like Bryan Goldberg may be out of the running. If you know anything about James Spanfeller (picture below), let us know.