![]() (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. Thiel, through his spokesperson, declined to comment about the bankruptcy.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. Hogan maintained he did not know he was being filmed and that his privacy had been invaded.Īfter a three-week trial in Florida, a jury awarded Hogan $115 million in damages and an additional $25 million in punitive damages. Hogan sued Gawker Media in 2012 after it posted a 90-second clip of the professional wrestler having sex. In a May interview with the New York Times, Thiel said Gawker Media "ruined people's lives for no reason," and that several years ago he began funding a team of lawyers to find and help "victims" of the media company. Gawker Media's decision to sell itself came weeks after it was revealed that tech billionaire Peter Thiel was bankrolling Hogan's civil lawsuit. As 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," reads a memo that Vivek Shah sent out to Ziff Davis employees Friday. Gawker Media will maintain normal operations during the auction process. The sale will be conducted through a bankruptcy court-supervised auction, in which other bidders may offer a higher price, according to a statement. "A combination would marry Ziff Davis' strength in e-commerce, licensing and video with GMG's premium media brands." "We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media," Gawker Media founder Nick Denton said in a statement. The company - including its seven media brands and other assets - plans to be put up for auction, with an opening bid of $90 million to $100 million from PC Mag owner Ziff Davis, a source confirmed to BuzzFeed News. ![]() Gawker Media said it will appeal in hopes of reducing the judgement. ![]() In March, a Florida jury awarded Hulk Hogan $140 million in his lawsuit against Gawker Media, finding the media company violated the wrestler's privacy by posting a 90-second clip of him having sex with the wife of his best friend, Bubba the Love Sponge. Gawker Media filed for Chapter 11 bankruptcy protection Friday amid a years-long legal battle with former professional wrestler Hulk Hogan.
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