Six Gawker Media Websites Sold; Gawker to Close
Gawker Media, “whose fierce independence afforded it an unsparing approach to web journalism that influenced news organizations across the internet and the wider media world”, was sold to Univision at auction, reports the New York Times.
The Times, in part, added:
“Univision bid $135 million to beat out the digital media publisher Ziff Davis, according to three people with direct knowledge of the deal who spoke on condition of anonymity because the price had not been made public. A bankruptcy judge is to officially approve the sale at a hearing later this week.
“The sale came two months after Gawker filed for Chapter 11 bankruptcy, a concession to the financial pressure the company faces from a $140 million legal judgment in an invasion-of-privacy lawsuit by the former professional wrestler Hulk Hogan, whose real name is Terry G. Bollea.
“Making matters worse for Gawker was Peter Thiel, the billionaire Silicon Valley entrepreneur, who acknowledged after the Hogan trial that he had funded the lawsuit and was providing financial support for other legal cases against the company.
“Univision will not assume the $140 million judgment.”
In a subsequent development, Gawker.com announced that it will close. The decision comes days after Univision successfully bid $135 million for Gawker Media’s six other websites. Staffers will soon be assigned to other editorial roles, either at one of the other six sites or elsewhere within Univision.
