Gawker Media, which was ordered to pay about $140 million to Hulk Hogan, filed for Chapter 11 bankruptcy protection yesterday. It is also up for sale, with a difficult future following a contentious invasion-of-privacy lawsuit brought by the former wrestler.
Ziff Davis, the digital publisher of AskMen, PCMag and Computer Shopper, put up a bid for Gawker’s assets — with $100 million as the opening price The publisher plans to buy Gawker’s blogs — but not assume its liabilities. If no other offer emerges, the court must approve the sale’s price and terms.
Gawker’s properties include Gizmodo, Lifehacker and Deadspin, are expected to continue operations during bankruptcy proceedings. Ziff Davis CEO Vivek Shah wrote in a staff memo that was obtained by USA TODAY.
“There’s a tremendous fit between the two organizations.“
Nick Denton, founder of the online media company, had been considering selling Gawker’s blogs after a judge denied last month its motion to seek a new trial. Billionaire Peter Theil funded Hogan’s lawsuit against Gawker with the goal to put them out of business. Gawker outed Theil several years ago and he’s been pissed ever since. I guess his money bought him some sweet revenge. (via USA Today)