Not Funny: Onion Hemorrhaging Money
Univision is acknowledging the financial weakness of the Gizmodo Media Group digital media assets the company has purchased over the last few years, including the former Gawker Media Group publications it picked up in the summer of 2016.
"In 2018, we recognized a non-cash impairment charge on our English-language digital assets," a company spokesperson told The Hollywood Reporter on Thursday.
Earlier in the day, the company reported that its English-language digital businesses, which includes The Onion, lost $32.5 million in the fourth quarter of 2018, compared to just $3 million in the same quarter a year earlier. But the losses were even greater in the third quarter of 2018, with the company reporting a loss of $96.1 million for the U.S. digital brands.
Univision is still looking for a buyer for the Gizmodo Media Group properties, which the company still believes to be strong.