Earlier this month, Univision announced it was selling Gizmodo Media Group (a digital media company comprising former Gawker sites such as Gizmodo, Kotaku, Splinter, Jezebel, and The Root) as well as the Onion (including its eponymous site, The A.V. Club, Clickhole, and The Takeout) to a private equity firm, Great Hill Partners.
No further layoffs have been announced for the 233 unionized employees at the two properties. But workers and contributors are probably right to worry that some or all of the sites will see mass layoffs or closure as Green Hill seeks to strip the companies for their most profitable parts while burning the rest. This is the private equity business model, after all, and it would be naive to expect anything else.
But what if there was an alternative? Wouldn’t it be better if the workers at the Gizmodo Media Group and the Onion had the right to block the Great Hill sale and buy the company themselves, turning it into a worker-owned business, with financial and technical assistance from the government?