![]() “With stronger backing and disentangled from litigation, they can perform their vital work on more platforms and in different forms. Hulk Hogan’s 140 million jury verdict against Gawker for unlawful publication of a sex tape was controversial its own right, but now The New York Times reports that Hogan’s litigation, which. “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,” he said. The companies announced a purchase agreement shortly after the Chapter 11 filing went public but an auction is expected to be open to other bidders.ĭenton, who is expected to file for personal bankruptcy as well, issued a statement hailing a potential marriage with Ziff Davis. The owner of properties including IGN and AskMen has reportedly already bid in the neighborhood of $100 million for Gawker, which lost a $140 million jury verdict in the Hulk Hogan trial that has since been upheld. Ziff Davis has not decided on what it would do with if it buys the company, the person said.Gawker Media filed for bankruptcy protection in a New York court on Friday, a move that could pave the way for the troubled digital property to be acquired by Ziff Davis. After being slapped with a 115 million verdict in the Hulk Hogan sex tape case on Friday, Gawker founder Nick Denton said that the case will be appealed. 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. Shah's memo did not mention the flagship site. Spanish-language broadcaster Univision is buying the sites parent company, Gawker Media, for 135 million US dollars (102 million), after Gawker lost a. 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." faced with a 140 million judgment in the invasion of privacy lawsuit brought by hogan over the publication of a video that showed him having sex with a friend’s wife and the later revelation. 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. According to internal financial documents obtained by Gawker, the answer is a resounding no. Gawker Media, the gossip and news company that lost a high-profile court case in which it was ordered to pay 140 million over a violation of Hulk Hogan's privacy, has filed for Chapter 11. 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. I have serious doubts about that claim, and I wanted to share my observations with a wider group of people. That proposal would be open to competing bids, said the person, who asked not to be identified because the offer isn't public. The other day I was talking to someone on this board about the article on CapitalNewYork that asserts an executive at Gawker said the company lost over a million dollars because of Gamergate. Univision ran the portfolio at a loss for a couple of years. Ziff Davis has signed an agreement to buy Gawker assets for around $100 million, according to a person familiar with the matter. It wound up being acquired by Univision Communications for 135 million, on the condition that the original Gawker would remain defunct. 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. On top of the 140 million in total damages. Was silencing the publication Peter Thiels intent Again, from Forbes. The digital media company listed a $130 million claim from the litigation as "disputed" in its Chapter 11 petition, filed Friday in Manhattan. If Gawker loses its appeal in the Hogan case, the company may not survive. 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.
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