![]() With Univision taking over, there is no indication what, if any, role Denton will have in Gawker’s new direction. He has since come out and recently backed Donald Trump vociferously at the Republican National Convention.ĭenton founded the company in 2002 and last year argued that it was worth $250 million. Hogan’s suit wasn’t the first time the fiery website made enemies, most notably with Theil, who seemed to have a vendetta against the Gawker group after a 2007 report on the now defunct Valleywag wrote a post saying Thiel was gay. However, the case also sparked debate about the limits of free speech, with many journalists and media outlets arguing that Gawker had a right to publish the clip under the First Amendment. Hogan received no settlement money because of the bankruptcy, though the sale of assets may change that, especially since Gawker is appealing the case in court and money will have to be set aside to deal with the funds owed to whatever side may win. In March 2016, a Florida jury awarded Hogan 140 million in damages, a verdict that ultimately led to Gawker’s bankruptcy and sale to Univision. Gawker had been the subject of much controversy before filing for bankruptcy, after Hulk Hogan and PayPal founder Peter Thiel won a $140 million settlement for publishing a sex tape of Hogan’s. ![]() Recode also reported that 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. Now you can add Gawker Media’s Deadspin, Gizmodo, Jalopnik, Jezebel, Kotaku, and Lifehacker to the fold.Recode reported Tuesday that Gawker Media owner Nick Denton said in a statement: "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. It also acquired The Root, a publication aimed at African-Americans. The company bought The Onion in January and bought out Disney’s portion of Fusion in April. Univision has been on a spending spree in 2016, acquiring new assets to increase it’s overall portfolio. Most of Univision’s revenue comes from traditional TV advertising and cable subscriptions, but it is clearly aware that it needs a presence in non-cable mediums in the media world. Univision made good on a promise to sell its online properties on Monday when it announced that it has sold Gizmodo Media Group, which includes the family of websites formerly known as Gawker Media. ![]() Univision did not immediately respond to TheWrap’s request for comment.Īlso Read: Peter Thiel Won, Gawker Lost, the 1 Percent Scores, Democracy Loses Univision postponed an IPO back in December of 2015, because of what the Wall Street Journal called “the lackluster recent performance of media-company stocks and a sluggish market for first-time share sales.” In April of this year, Bloomberg reported that Univision was aiming to go public in the second half of 2016. ![]() “They may feel the publication itself is a bit of a lightning rod.”Īlso Read: How Nick Denton Could Relaunch Ī Florida jury awarded Hulk Hogan $140 million in damages earlier this year after Gawker posted a sex tape of the wrestler. “The decision to close and discontinue that website may be tied to the upcoming liquidity event in the following way: They may conclude that continuing operations of that particular website has associated liability risks, which are legacy risks, even though they bought the asset free and clear of actual pre-existing liability,” Bregman told TheWrap. 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. Jerrold Bregman, a bankruptcy expert at Brutzkus Gubner, thinks that an upcoming IPO would be an obvious reason why Univision decided to purchase Gawker Media but close flagship . Bregman feels the decision to shut is simply a “pragmatic, forward-thinking business decision” because having a website tainted by a major legal loss would be a distraction. Univision has won the auction for Gawker Media. Univision appears to be beefing up for what could be a much-anticipated initial public offering after purchasing Gawker Media for $135 million. ![]()
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