Yahoo Finance The Onion Finally Found Someone to Buy It From ‘Herb’ G/O Media CEO
G/O Media rid itself of another property on Thursday, telling staffers in a company-wide memo that it has sold the satirical outlet The Onion.
“We have been undergoing an extensive review of our portfolio with the intention of coring down to our leading sites in terms of audience and revenues,” CEO Jim Spanfeller wrote to staffers in a memo, which was obtained by The Daily Beast. “Today we announced great traffic gains for Quartz but also, as part of efforts to sharpen our focus, we are announcing that G/O Media has sold The Onion to a new Chicago based firm called Global Tetrahedron.”
The New York Times first reported the news of the purchase, later revealing that the buying group was formed by former NBC News reporter (and Daily Beast editor) Ben Collins along with Twilio co-founder Jeff Lawson. The Daily Beast reported last month that G/O Media was actively looking for a buyer.
“My friends and I now own and run The Onion,” Collins tweeted on Thursday night. “I’ll be the CEO. We’re keeping the entire staff, bringing back The Onion News Network, and share the wealth with staff. Basically, we’re going to let them do whatever they want. Get excited.”
Their ownership group, which shares a name with a company featured in a 1999 satirical book written by former Onion editors, is comprised of four people who hold “a profound love for The Onion and comedy based content,” Spanfeller wrote. He said the buyers had experience with digital media, though he did not name them or break down their resumes. The group plans to retain The Onion’s entire staff and maintain its operations in Chicago.
“The Onion for over 35 years has been an indispensable part of our country’s cultural fabric with its unique brand of satire and comedy that continues to be just as important and relevant today than at any time during its storied history,” Spanfeller wrote.
G/O Media has shed property after property in recent months as the paper reevaluates its media portfolio. It sold off culture website The A.V. Club and food blog The Takeout last month to Paste Media and Static Media, respectively, and it offloaded Jezebel last year to Paste Media following a short-lived shuttering. While most outlets dumped by G/O Media have managed to survive, others, such as Deadspin, have seen their entire staff laid off.
The company has also seen an exodus of editors, most recently in the departure of Kotaku editor Jen Glennon. “Some personal news! I’ve resigned from Kotaku and Jim Spanfeller is an herb,” Glennon wrote in an X post last month, referring to a widely used, derisive nickname staffers have given to the G/O CEO.
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