#Gawker media bankrupt Pc
Ziff Davis owns a number of tech and gaming publications, including PC Magazine and IGN. Gawker, which also owns Jezebel and Gizmodo, will be put up for auction with bidding starting at about $100m following interest from digital publisher Ziff Davis LLC. Our sites will thrive - under new ownership - and we'll win in court.- Nick Denton June 10, 2016 “Our sites will thrive – under new ownership – and we’ll win in court.”Įven with his billions, Thiel will not silence our writers.
“Even with his billions, Thiel will not silence our writers,” he said on Twitter.
Thiel said funding the lawsuit was one of the “greater philanthropic things that I’ve done”, and said he would further lawsuits brought people who said their lives had ben ruined by Gawker.ĭenton, who is also gay, said he would continue to fight back and would not allow Thiel to silence Gawker’s writers. “I saw Gawker pioneer a unique and incredibly damaging way of getting attention by bullying people even when there was no connection with the public interest … I thought it was worth fighting back.” “It’s less about revenge and more about specific deterrence,” Thiel told the New York Times. Thiel said he had funded Hogan’s legal costs to the tune of about $10m. Thiel, a co-founder of PayPal and a early investor in Facebook, said he had secretly funded a team of lawyers to track down “victims” of Gawker and help fund their lawsuits against the company. It was revealed last month that billionaire tech entrepreneur Peter Thiel had been funding Hogan’s legal costs as part of his latest attempt to close down the website, which outed him as being gay in 2007 with the headline: “Peter Thiel is totally gay, people.” A jury later awarded him $25m more in punitive damages.
#Gawker media bankrupt full
Univision, which until recently was best known as a Spanish-language TV network, has been expanding its digital reach in recent years by acquiring satire site The Onion and The Root, a publication aimed at African-Americans.Īnd earlier this year it picked up full ownership of Fusion, the network and digital publisher aimed at millennials, which it originally launched in conjunction with Disney.In March, a Florida jury awarded $115m in damages to Hogan, more than the $100m he had demanded for the violation of his privacy over the publication of a sex tape involving him and the wife of a good friend. Last year, as rival media companies like Vice, BuzzFeed and Vox Media (which owns this site) were raising money at increasingly high valuations, Denton was arguing that his company was worth $250 million or more. Whatever the result of the case, the auction is a disappointing conclusion for Denton, who founded the company in 2002. When it is final, the judgment funds will be set aside while Gawker appeals its court case eventually the money will go to the side that wins. bankruptcy court judge needs to sign off on the transaction. "But ultimately Univision prevailed, and both sides are happy with the outcome."
Both parties put in an awful lot of work, and Ziff Davis deserves credit for their effort," Patricof said. Mark Patricof, the Houlihan Lokey banker who represented Gawker Media, confirmed the sale price. We could not have picked an acquirer more devoted to vibrant journalism." I am pleased that our employees are protected and will continue their work under new ownership - disentangled from the legal campaign against the company. Here's a statement from Gawker Media owner Nick Denton: "Gawker Media Group has agreed this evening to sell our business and popular brands to Univision, one of America’s largest media companies that is rapidly assembling the leading digital media group for millennial and multicultural audiences. Ziff Davis had originally offered $90 million for Gawker Media. Ziff Davis and Univision were the only two bidders for Gawker, which filed for bankruptcy after Hulk Hogan and Peter Thiel won a $140 million judgment in a privacy case. Univision’s offer will encompass all seven of Gawker Media’s sites, including The TV network and digital publisher has agreed to pay $135 million for the bankrupt blog network, according to a person familiar with the deal. Univision has won the auction for Gawker Media.
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