Justin Sullivan/Getty
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. The Daily Beast reported last month that G/O Media was actively looking for a buyer.
Read more at The Daily Beast.
thedailybeast.com