When Gawker published the transcripts, Hogan was dismissed from World Wrestling Entertainment and scrubbed from its website. Transcripts of a second tape published on the site included a racist rant by Hogan. The trial that pushed the site into bankruptcy hinged on a story published on Gawker in 2014, which contained footage from a sex tape depicting Hogan and Heather Clem, the wife of a friend it also included a graphic description of the footage. The company owns IGN, a pop culture site that competes with Gawker blogs io9 and Kotaku it bid a reported $90m for Gawker Media’s assets. The other major player in the auction was 89-year-old magazine publisher Ziff-Davis, which had itself filed for bankruptcy as recently as 2008. We could not have picked an acquirer more devoted to vibrant journalism.” The company will need a presence in growth sectors of the media world – which broadcast and cable are emphatically not – if it’s ever going to get to its long-awaited IPO.Įditor-in-chief Nick Denton said in a statement on Tuesday: “I am pleased that our employees are protected and will continue their work under new ownership – disentangled from the legal campaign against the company. "A combination would marry Ziff Davis' strength in e-commerce, licensing and video with Gawker Media Group's premium media brands."ĭespite this statement, it sounds like Ziff Davis still needs to go through a formal bid process for Gawker as part of the company's filing for Chapter 11 today.Univision has also been spending rapidly: in January, the company bought the digital humor publication The Onion in April, it bought out Disney’s stake in Fusion. "We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media," CEO and founder Nick Denton said in a statement reported by The International Business Times. Update: Gawker Media has officially confirmed the interest from Ziff Davis. That said, it seems unlikely Gawker will be sold off until the lawsuit is resolved in one way or another - it'll likely be a tough sell while it's still in the middle of this legal battle.Īnother unique aspect of Hogan's lawsuit is that other tabloid-style blogs like TMZ and Perez Hilton have thus far managed to avoid being singled out because of their sometimes-questionable reporting styles - Gawker, however, happened to cross paths with the wrong billionaire. The filing revealed that Gawker has assets between $50 and $100 million, compared to liabilities in the $100 to $500 million range - with the lawsuit being chief among them.įiling for bankruptcy gives Gawker and its founder Nick Denton time to restructure the company without having to immediately shut down (or pay the jury damages in the Hogan case). Today's Chapter 11 filing is a direct result of the combined efforts of Hogan and Thiel to take the company down. It was revealed that Thiel had been bankrolling the entire lawsuit because of a personal vendetta against the blog after it published an article on his sexual orientation way back in 2007. However, things in the case got even weirder following the jury's $140 million judgement against Gawker Media. You can disable notifications at any time in your settings menu.
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