![]() 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. The wrestler said it was an invasion of his privacy Gawker's argument at a very high level is that free speech and Hogan's status as a public figure should have protected the company from such a lawsuit. The Hulk Hogan lawsuit came about after the Gawker blog posted Hogan's sex tape. The ins and outs of this situation are complex and varied. The media company is now entertaining bids to buy the company, and Recode reports that publisher Ziff Davis has already put in a bid in the $100 million range. (Got all that?) Despite the fact that Gawker has vowed to appeal the massive $140 million judgement against it, the company today has filed for Chapter 11 bankruptcy protection. Accessed May 7, 2023.A few weeks ago, it was revealed that Silicon Valley billionaire Peter Thiel, a co-founder of Paypal and current Facebook board member, was bankrolling Hulk Hogan's lawsuit against Gawker Media. "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). 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 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. In a company memo acquired by Recode, Ziff Davis CEO Vivek Shaw never mentioned Gawker’s flagship property : 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 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.
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