G/O Media, the digital media publisher that once owned sites like Jezebel and Deadspin, announced on Wednesday that it was winding down its operations and selling off one of its last properties, the video game website Kotaku.

G/O Media, which is owned by the private equity firm Great Hill Partners, once owned a collection of websites that had belonged to the Gawker Media blog universe and The Onion. But it has slowly been shedding its holdings. With the sale of Kotaku, only one website remains: The Root, which covers Black culture and news.

G/O Media’s chief executive, Jim Spanfeller, said in a statement on Wednesday that “it became clear to our investors that it was time to move on,” alluding to a series of challenges that the digital media industry has faced in recent years.

Publishers have been battling for advertising against tech giants like Google and Meta, while generative A.I. is reshaping the media landscape. Investors don’t see a promise of growth in digital publishing in the way they did before the pandemic.

Mr. Spanfeller was quick to say Great Hill had been “a very good partner” and had “never weighed in on editorial direction.”

“This is in no way a suggestion that Great Hill was in some way acting like a rapacious private equity firm,” he said.