July 10 (Reuters) - Univision Communications Inc said on Tuesday it has initiated a formal process to explore the sale of the Gizmodo Media Group (GMG) and The Onion.
The Spanish language broadcaster said it hired Morgan Stanley as a financial adviser to assist in the sale process.
The GMG digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther and Jalopnik, while The Onion assets include The Onion, Clickhole, The A.V. Club and The Takeout.
There is no assurance that the process would result in any deal or strategic alternatives, the company said here
Univision earlier this year withdrew its IPO plans and also announced the retirement of Chief Executive Officer Randy Falco.
The company would undertake a business review that could lead to cost cuts of up to $200 million, including layoffs, the Wall Street Journal reported in March.
Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila