![]() Ziff Davis has not decided on what it would do with if it buys the company, the person said. The insolvency news was followed by an announcement that Gawker had. Ziff Davis is focused on the Gawker brands in the tech, gaming and lifestyle categories, which contribute the vast majority of Gawker Media's revenue, according to a person familiar with the matter. Online publisher Gawker media filed for Chapter 11 bankruptcy on Friday and announced plans to sell itself at auction. 78Three months after the verdict, Gawker filed for Chapter 11 bankruptcy protectionand put itself up for sale. Shah's memo did not mention the flagship site. In March 2016, the jury found Gawker Media liable and awarded Bollea 115 million in compensatory damagesand 25 million in punitive damages. In an internal memo to employees, Ziff Davis CEO Vivek Shah said acquiring the Gawker websites Gizmodo, Lifehacker and Kotaku "would fortify our position in consumer tech and gaming." Thiel has since publicly acknowledged that he's gay, and called Gawker's now-defunct blog Valleywag the "Silicon Valley equivalent of al-Qaida." The dispute has evolved into a clash of tech titans, as First Look Media, a news organization founded by Silicon Valley billionaire Pierre Omidyar, has said it will support Gawker. Gawker and Thiel have a contentious history: The website outed him as gay in 2007. Thiel, the libertarian-leaning venture capitalist who co-founded PayPal and sits on the board of Facebook, made a financial contribution to the suit. Hogan, whose real name is Terry Bollea, sued the media- and celebrity-focused website in 2012 over the publication of a tape showing him having sex with a friend's wife, claiming the publication cost him endorsements and inflicted emotional harm. That proposal would be open to competing bids, said the person, who asked not to be identified because the offer isn't public. Ziff Davis has signed an agreement to buy Gawker assets for around $100 million, according to a person familiar with the matter. Gawker Media has filed for bankruptcy, and the bidding for its assets begins now. The company also asked the court to shield its founder and chief executive officer, Nick Denton, from the Hogan suit and other litigation. The bankruptcy would shield New York-based Gawker from paying the potentially crippling damages award while it seeks a buyer. The digital media company listed a $130 million claim from the litigation as "disputed" in its Chapter 11 petition, filed Friday in Manhattan. ![]() An auction is scheduled for mid-August.Gawker Media filed for bankruptcy after losing a $140 million invasion-of-privacy suit brought by former professional wrestler Hulk Hogan and funded by tech billionaire Peter Thiel. Overall, Denton's filing says he has $100 million to $500 million in liabilities and that his assets are worth $10 million to $50 million.ĭenton tweeted on Monday that it was a "bitter day" for him but that New York-based Gawker Media, home to blogs including women's site Jezebel and the tech-themed Gizmodo as well as the snarky Gawker, would "thrive" under new owners. Filing for bankruptcy helps him keep Hogan from collecting. Meet the Silicon Valley billionaire said to be tag-teaming with Hulk Hogan to take Gawker down for the countĭenton's bankruptcy filing Monday says he owes $125 million to Hogan, a former professional wrestler. ![]() Company backed by eBay co-founder comes to Gawker's aid in Hulk Hogan court battle. ![]()
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