“We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media,” Denton said, in a statement. Like all publishers, Ziff Davis, perhaps best known as the publisher of PC Magazine, has been hurt by the decline in print advertising, and it has attempted to recast itself on the Web through such sites as, Computer Shopper and ExtremeTech. But Ziff Davis’s bid isn’t final: Under a court-supervised auction, Gawker would be free to accept higher offers. Gawker identified Ziff Davis, an all- digital media company, as the first bidder for its assets people close to the company said Ziff has offered $90 million. (Daron Taylor,Jhaan Elker/The Washington Post) Peter Thiel, tech billionaire and co-founder of PayPal, spent $10 million dollars helping Hulk Hogan win his case against Gawker Media. It was founded in 2002 by Denton, a former staffer at the Financial Times. In addition to Gawker, Gawker Media owns six other Web brands, including the sports site Deadspin and the tech blog Gizmodo. It has no plans to cease operations while it appeals. Daulerio, and had asked that it be reduced or stayed while its appeal is pending.īut on Friday, the judge in the case, Pamela Campbell, denied Gawker’s request for a stay, triggering Gawker’s bankruptcy-protection filing and its auction plans. Gawker has appealed the judgment against the company, its chief executive, Nick Denton, and its former editor, A.J. He has feuded for years against Gawker since it “outed” him as a homosexual.Gawker Media Group, the parent of the news and gossip site Gawker, filed for Chapter 11 bankruptcy protection Friday and put itself up for sale, two moves designed to limit the financial fallout since losing a $140.1 million privacy-invasion lawsuit to professional wrestler Hulk Hogan in March. Tech billionaire Peter Thiel acknowledged that he helped fund the litigation. While Gawker has come under fire for its no-holds-barred approach to celebrity coverage, the case also raised questions about whether powerful interests can use their resources to silence media for unfavorable coverage. He slammed what he called a “personal vendetta” and called it “disturbing to live in a world in which a billionaire can bully journalists because he didn’t like the coverage,” Denton wrote in the memo to staff. “We can be proud that we survived and prospered as an independent company for more than a decade, and have a second act ahead of us, under the shelter finally of a larger media company,” Denton wrote. After the company filed for bankruptcy, the embattled US media group said it had reached a deal to sell its media brands to publishing group Ziff Davis. In a memo to staff, obtained by AFP, Denton appeared upbeat about the prospects of Gawker surviving. Denton estimated his assets at USD 10-15 million, according to a copy of his Chapter 11 individual bankruptcy filing published by Politico. Gawker Media filed for Chapter 11 bankruptcy protection in June, also seeking to sidestep a shutdown over the jury’s verdict.
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