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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

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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.

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Gawker is appealing the Hogan lawsuit, the joint statement saying, “The company is confident it will ultimately prevail in the Hogan lawsuit, but was not able today to obtain from the trial court even a brief stay without onerous conditions to seek relief from the appeals court.Univision has won the auction for Gawker Media. Our sites will thrive - under new ownership - and we'll win in court. Denton chimed in on Twitter this afternoon.Įven with his billions, Thiel will not silence our writers. The ruling upholding the verdict came shortly after reports that Silicon Valley billionaire Peter Thiel, whom Gawker attempted to out as gay in 2007, has been funding Hulk Hogan‘s legal actions against the blog network. Hogan had argued that Gawker’s publication of the sex-tape footage violated his privacy. In May, a judge upheld the verdict, denying Gawker’s request to reduce the damages. An additional $25 million in punitive damages was tacked on shortly thereafter. In March, a jury awarded Hogan $115 million in compensatory damages, after the wrestler sued Gawker for publishing portions of a sex tape featuring him and the then-wife of radio DJ Todd “Bubba the Love Sponge” Clem.

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“The protection afforded by the bankruptcy filing will allow GMG to exercise its rights to due process.”Īlso Read: Gawker's Nick Denton Leaves Empty Chair for Peter Thiel at Code Conference 'Debate' “Gawker Media Group is putting its properties up for sale after a coordinated barrage of lawsuits intended to put the company out of business and deter its writers from offering critical coverage,” Gawker and Ziff Davis said in a joint press release. The second largest creditor is the law firm Morrison Cohen LLP, with $115,379.48 owed.

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pro wrestling legend Hulk Hogan, whom the papers say is owed $130 million, though that debt is disputed. The biggest creditor by far listed in the papers is Terry Bollea, a.k.a. The bankruptcy papers, filed in New York, list Gawker’s assets between just over $50 million and $100 million, and its liabilities between just over $100 million and $500 million. The number of estimated creditors is listed as between 200 and 999.Īlso Read: Gawker Media Has Received 'Multiple' $100 Million-Plus Bids (Exclusive) Patricof declined TheWrap’s request for comment.

Gawker filed for Chapter 11 protection from creditors to offer the business free and clear of legal liabilities. GMG is being advised by Mark Patricof of Houlihan Lokey. Last week TheWrap reported that Gawker received “multiple” bids in excess of $100 million.Īlso Read: Gawker Files for Chapter 11 Bankruptcy After $140 Million Hulk Hogan Verdictĭuring the sale process, GMG will maintain normal operations. The sale will be conducted via bankruptcy court auction, during which other prospective buyers can bid up the price for the company. A combination would marry Ziff Davis’ strength in e-commerce, licensing and video with GMG’s premium media brands,” Gawker founder Nick Denton said. “We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media. Gawker Media Group has entered into an asset purchase agreement to sell its seven media brands to Ziff Davis, following the company’s announcement earlier this morning that it’s filing for Chapter 11 bankruptcy protection.

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