![]() ![]() Gawker was sued again in May 2016 by the same lawyer who brought the Hogan case on behalf of a man who claims to have invented e-mail. Univision, the Latino-oriented multimedia powerhouse, agreed to pay 135 million for Nick Denton’s Gawker Media Group in a grueling daylong private bankruptcy auction designed to protect Denton. Bollea is better known as former pro-wrestler Hulk Hogan. We could not have picked an acquirer more devoted to vibrant journalism.Īs Ars reported in April 2016, Gawker has already begun the process of appealing the $140 million verdict a jury ordered it to pay in March 2016 for publishing a sex tape of Terry Bollea. I am pleased that our employees are protected and will continue their work under new ownership-disentangled from the legal campaign against the company. Univision won a court-administered bankruptcy auction for Gawker Media Group on Tuesday with a bid of 135 million. , the flagship site of Gawker Media, will be shutting down operations next week, as the other sites in the company are in the process of being sold to Univision. 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. In a post on Thursday, said it would cease operating next week and said near-term plans for ’s coverage, as well as the site’s archives, have not yet been finalized. In a statement to several media organizations, Gawker founder Nick Denton said the following: Univision also expanded investments in The Onion, a humor site, and The Root, a site that focuses on African-American news. Earlier this year it bought out Disney’s stake in the Fusion network and website. Denton, who previously valued Gawker at 250 million, said he’s. The closure of the site comes after Univision’s winning. It shuttered the iconic, which was viewed as toxic after a court ordered Gawker Media to pay Terry Bollea aka Hulk Hogan. Univision, which oversees publications like Fusion and The Onion, ends Gawker’s 14-year run as an independent company. , pioneering web publication and the brainchild of Nick Denton, will be shut down as of next week, according to Gawker itself. Univision, which owns the largest Spanish-language television network in the United States, has recently been expanding its online holdings. Univision bought Gawker Media last August in a fire sale. The deal must formally be approved by the federal judge overseeing Gawker’s bankruptcy case. Univision beat out a lower bid by Ziff Davis. Univision appears to be beefing up for what could be a much-anticipated initial public offering after purchasing Gawker Media for 135 million. Earlier this year, Univision paid for a 40 percent stake in the humor website network The Onion, and in April the company bought out Disney's stake in their joint venture Fusion, a hybrid digital-cable news network for millennials.įor now, it remains unclear how Gawker Media will fit within Univision's corporate structure, and how Gawker's seven different websites - including technology-focused Gizmodo, sports blog Deadspin, and women's interest site Jezebel - will be affected by the deal.Ī representative for Gawker Media could not be immediately reached for comment.Further Reading Gawker declares bankruptcy, will auction itself off in wake of Hulk Hogan lawsuit Multiple media outlets reported Tuesday that Gawker Media, the embattled online media company that has been the target of multiple lawsuits, announced that it had been acquired by Univision for $135 million. "We could not have picked an acquirer more devoted to vibrant journalism."ĭuring the auction, Univision was competing against consumer and trade magazine publisher Ziff Davis, which made what is called a "stalking horse" bid of about $100 million for Gawker when the company initially filed for bankruptcy protection.įor Univision, the $135 million acquisition of Gawker is the latest in a series of deals aimed at making the Latino-focused TV broadcast network more of a player in digital media. "I am pleased that our employees are protected and will continue their work under new ownership - disentangled from the legal campaign against the company," Denton said. ![]() In an internal statement obtained by VICE News, Gawker founder and CEO Nick Denton called the auction's result "a rearguard action for the ages."
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