Univision’s $135M Bid Wins Gawker Media Bankruptcy Auction: Report

Univision is about to own Gawker Media with a $135 million bid prevailing in a bankruptcy auction.

Recode reports that the digital assets at the company Nick Denton created in 2002 only attracted two bidders — Univision and Ziff Davis — though several took a look. Ziff Davis previously had made a $90 million so-called stalking horse bid, providing a floor for the auction.

Properties in the sale will include Gawker as well as Gizmodo, Lifehacker, Kotaku, Jalopnik, Deadspin and Jezebel.

The Spanish-language broadcaster mightr seem to be an unlikely buyer, but it recently has built a formidable digital business with substantial interests in The Onion and The Root.

Gawker Media filed for Chapter 11 bankruptcy protection after wrestler Hulk Hogan won a $140 million verdict in an invasion-of-privacy lawsuit. Gawker had posted a sex tape featuring Hogan.

A Florida circuit judge upheld the award to Hogan, whose legal effort was backed by Silicon Valley billionaire Peter Thiel.

Much of Univision’s cash will go to Hogan. Denton is responsible for paying $10 million to the wrestler while he and Gawker jointly owe $115 million.

Gawker generated $48.7 million in revenue last year, a court filing shows.

This article was printed from https://deadline.com/2016/08/univision-wins-gawker-media-bankruptcy-auction-1201804466/