2/3/2024 0 Comments Gawker media bankrupt![]() "Gawker Media has filed for bankruptcy and is putting itself up for sale (possibly to Ziff Davis)." Nieman Journalism Lab. Gawker Media has filed for bankruptcy and is putting itself up for sale (possibly to Ziff Davis). Nieman Foundation for Journalism at Harvard, 10 Jun. It was first noted by Reorg Research on Twitter (h/t Jake Grovum). Founded in the early 2000s as one of Gawker Media’s first two blogs, initially covered news and gossip about New York City media and society. Thanks, Peter Thiel, for all the traffic! /EVliBBD4bO Now there's a name I haven't heard since the late 90s Īny good investigative editor sees this Gawker news today and immediately assigns a reporter to Peter Thiel, yes?īig media news: The popular chatting program is broken The filing came about three months weeks after a Florida jury slapped Gawker with a 115 million judgment in an invasion of privacy lawsuit by wrestler Hulk Hogan, whose real name is Terry. We look forward to the possibility of adding these great brands - and the talented people who support them - to the Ziff Davis family. Much like us, GMG is heavily active in driving commerce-based revenues and has an impressive publishing and commerce platform with Kinja.Īs you can see, there’s a tremendous fit between the two organizations, from brands to audience to monetization. With the addition of Jalopnik, Deadspin and Jezebel, we would broaden our position as a lifestyle publisher. In the event we become the acquirer, the additions of Gizmodo, Lifehacker and Kotaku would fortify our position in consumer tech and gaming. On Friday, the embattled media company said it had agreed to sell all seven of its brands and other assets to the. In a company memo acquired by Recode, Ziff Davis CEO Vivek Shaw never mentioned Gawker’s flagship property : Gawker Media has filed for bankruptcy, and the bidding for its assets begins now. Our sites will thrive - under new ownership - and we'll win in court. “With stronger backing and disentangled from litigation, they can perform their vital work on more platforms and in different forms.”Įven with his billions, Thiel will not silence our writers. “We have been forced by this litigation to give up our longstanding independence, but our writers remain committed to telling the true stories that underpin credibility with our millions of readers,” Gawker Media Group founder Nick Denton said in a press release. Ziff Davis (owner of distinctly un-Gawker-y publications like PCMag and ) has made a binding offer of $90 to $100 million, and the company expects to receive additional offers. In this case, the plan is to sell the company, which has remained independent for its entire 14 years. Instead, it buys it time to negotiate with its creditors and come up with a plan to emerge from bankruptcy. (The full filing, which is not juicy, is at the end of this post.)įiling for Chapter 11 bankruptcy does not mean that Gawker Media is shutting down. ![]() "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 Media filed for bankruptcy on Friday, after saying in Florida court that it cannot pay the $140.1 million awarded to actor Hulk Hogan in a case bankrolled by Silicon Valley billionaire Peter Thiel. "The sale and filing are intended to preserve the value of GMG's pioneering digital news business, safeguard the jobs of journalists and other staff, and allow GMG to fund the appeal against the $130 million judgment in the Hulk Hogan case," the company said in a statement. Gawker Media has filed for Chapter 11 bankruptcy protection. ![]() Read More from CNBC: Billionaire Peter Thiel Financed Hulk Hogan's Lawsuit Against Gawker Years earlier, a Gawker publication outed Thiel as gay. Late last month, it was revealed that tech billionaire Peter Thiel helped to bankroll Bollea's legal costs. The jury later added $25 million in punitive damages. The filing came about three months weeks after a Florida jury slapped Gawker with a $115 million judgment in an invasion of privacy lawsuit by wrestler Hulk Hogan, whose real name is Terry Bollea, for publishing a tape showing him having sex with the wife of a friend.
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