Univision takes $200m stake in The Onion with goal of reaching younger audiences
In theory, Fusion was a great concept to reach younger audiences; in actuality, The Onion does this.
This is the conclusion that Univision has come to, announcing yesterday that it has taken a 40 per cent stake in The Onion, the leading US comedy and news satire newspaper and website, for $200m.
The Onion boasts 25 million monthly uniques, and while it will continue to operate independently, Univision look to both distribute content and also help the site reach and produce content for more of a multicultural audience.
“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,” said Isaac Lee, chief news and digital officer of Univision and chief executive of Fusion.
“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.
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.”
In vogue right now is networks investing in digital properties better suited to reaching millennial audiences. In August, NBC invested $200 million in BuzzFeed; In October, Disney invested in Vice.