The Onion Looks Into Possible Sale: Report

This is not a joke. It appears the owners of Chicago-based satirical news site The Onion are looking into a possible sale, according to reports.

Onion Inc., owner of The Onion and the entertainment site A.V. Club, has hired a financial adviser to explore options for a possible sale, according to Bloomberg, which cites people with knowledge of the matter.

The company is also reportedly working with the investment bank GCA Savvian.

Onion CEO Steve Hannah confirmed the hiring of a financial adviser in a memo to staff obtained by Bloomberg. The memo reportedly said the adviser was handling inquiries for both investment partners and potential buyers of The Onion.

The Onion released its last print edition in Chicago last year as it planned to moved to an all-digital format.

Mike McAvoy, president of Onion Inc., told Crain’s Chicago Business at the time it's sad to see the print edition no longer exist, "but it’s important to see the Onion succeed.”

The Onion consolidated its media operations and moved from New York to Chicago's River North two years ago.