Univision Communications Inc. is exploring a sale of Fusion Media Group, which houses websites including Gizmodo and Deadspin, as it pursues a companywide restructuring following a leadership change, people familiar with the matter said.

The move would be a reversal for Univision, best known as the largest Spanish-language TV broadcaster in the U.S. Over the past several years, it has invested in digital assets and sought to diversify its audience by buying English-language websites that appeal to younger, bilingual Hispanic-Americans.

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