Tech News Portal Gizmodo Acquired by Europe-Based Media Firm Keleops

By Trisha Andrada

Jun 05, 2024 04:47 AM EDT

The tech news site Gizmodo is sold to Keleops, a European online tech-media business with operations in Switzerland and France.

Gizmodo is the most recent asset sold by G/O Media, which has been selling off media companies at a steady pace for over a year. The deal's financial details remained undisclosed.

Keleops Aims to Strengthen Tech Media Presence

In a report by Variety, Keleops founder and CEO Jean-Guillaume Kleis announced the addition of Gizmodo to the company in a statement. He called the news site iconic with strong recognition worldwide.

The acquisition of Gizmodo is a deliberate move by Keleops to further solidify their position as leaders in the tech media business. It expects to essentially double its current audience size with the arrival of Gizmodo, which boasts having 30 million unique visits every month.

All of Gizmodo's employees will reportedly remain hired after the transaction. New York City will continue to serve as the base of operations for Gizmodo staff at this time.

G/O Media CEO Jim Spanfeller informed company staff on Tuesday, June 4, that the board of directors has decided to accept an offer from Keleops to purchase Gizmodo. The decision was made after a number of factors, including Keleops' promise to retain all current employees and a sale valuation that is significantly higher than the original purchase price.

Gizmodo's Third Sale in Eight Years

This is the third ownership change for Gizmodo in the last eight years, according to The Associated Press.

In 2016, Univision Communications purchased Gizmodo along with other Gawker Media brands for $135 million after the latter filed for bankruptcy.

In 2019, Great Hill Partners reportedly paid a fraction of what Univision spent in 2016 for Gizmodo and the satirical newspaper The Onion. In order to manage Gizmodo and other websites, Great Hill established G/O Media.