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Univision said Tuesday that it had made a minority investment in Onion Inc., the company behind popular satire sites including its namesake The Onion, as the Spanish language broadcaster continues to try to reach millennials.

Terms of the investment weren't disclosed.

Univision said the investment helps broaden its multicultural footprint and reach with the millennial demographic. Onion is the parent of its namesake site, The Onion, ClickHole and A.V. Club.

Univision said it would have oversight of Onion in order to "leverage Univision Digital's distribution, resources and media expertise to expand the exposure of the brand."

Univision said it would work with Onion to explore short and long-form formats for Onion brands.

Univision also jointly owns Fusion, a cable and digital news network aimed at millennials, with Walt Disney Co. Fusion has struggled to gain traction since it launched over two years ago.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

January 19, 2016 11:15 ET (16:15 GMT)

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