Spanish-language broadcaster Univision announced it is buying a stake in Onion Inc. - the owner of satirical news site The Onion - becoming a minority investor in the company as part of an attempt to broaden the network's range of content and appeal to millennials.
"The Onion has been, and continues to be, a leading force of this phenomenon of intellectual, social, cultural and satirical commentary online," said Isaac Lee, Chief News and Digital Officer at Univision and CEO of Fusion, explaining the reasoning behind the investment.
Univision's purchase of The Onion isn't an unusual one. In recent years, the company has worked feverishly to expand its influence among various demographics. In 2013, Univision partnered with Disney to launch Fusion, a network featuring English-language news and lifestyle programming geared towards English-speaking Hispanics in the U.S. And, last year, Univision acquired The Root, a news and culture website geared toward African-Americans, according to CNN.
It's unclear how much of The Onion Univision is in possession of. Univision spokeswoman Rosemary Mercedes and Onion spokeswoman Lauren Pulte both declined to specify the size of Univision's investment, while a memo Onion Inc. CEO Mike McAvoy sent to employees only said that Univision has acquired "a good chunk" of the company and may buy the rest later, without going farther into detail, according to CNBC.
Despite the purchase, the Onion's unique brand of journalism isn't likely to change. Onion Inc. will continue to run independently but will be able to leverage Univision Digital's distribution, resources and media expertise to expand the exposure of its brand.