.@Univision announces acquisition of The Root: http://t.co/XA3hxw2kyk http://pic.twitter.com/VT15fpybHq
— The Root (@TheRoot) May 21, 2015
Black media site The Root has announced that it has been acquired by Univision, the largest Spanish language broadcaster in the country. The companies say that the move is a way to bring together the voices and resources of two media brands dedicated to reaching people of color.
“This bold new partnership between Univision and The Root underscores the ties that have long bound people of color together throughout the Western Hemisphere and is a sign of even greater levels of communication, collaboration and exchange between these culturally vital groups of people,” said Professor Henry Louis Gates Jr. in a statement. Professor Gates founded the site in 2008 with Donald Graham, CEO and chairman of Graham Holdings Co. The site has become known for its annual list of Black influencers, The Root 100.
According to Financial Times, the move is in line with Univision’s goal of building a digital network serving multicultural audiences. Two years ago, it launched Fusion, geared towards millennials, in partnership with Walt Disney.
“Millennial consumers, aged 18 to 34, will surpass the baby boomers this year to become the US’s largest generational group. They are also the most racially diverse segment of the US population and are more likely than their older peers to consider themselves politically independent, according to the Pew Research Center,” says the newspaper.
Donna Byrd, the VP of digital and publisher for The Root will join Univision Digital’s leadership team during the transitional period. She added in a statement, “The combination of our two companies strengthens our collective ability to engage the changing American population.”
The Root reaches five million unique users, according to ComScore numbers. Neither company disclosed the dollar value of the deal, but Univision is preparing for an IPO that the FT says could value the company at $20 billion.
