Gawker Goes Bust=> Files for Bankruptcy

gawker bust

Gawker Media filed for Chapter 11 bankruptcy today after suffering a $140 million judgement in the Hulk Hogan lawsuit.
Via The Hollywood Reporter:

Gawker Media has filed for Chapter 11 bankruptcy after a Florida judge issued a $140 million final judgment in favor of Hulk Hogan in the invasion-of-privacy lawsuit over the posting of a sex tape.

The online news organization founded in 2003 by Nick Denton which now includes other sites like Deadspin, Jezebel and Kotaku, reports that it has less than $100 million in assets and hundreds of millions in liabilities. Gawker is currently facing a wrath of litigation that’s been connected to Silicon Valley billionaire Peter Thiel. Besides the Hogan suit, there are claims from a journalist and the alleged inventor of e-mail who both say they were defamed. Gawker is also facing off against the parent company of Daily Mail in court and was hit with a copyright lawsuit this week over a photograph of an Uber car.

Gawker has hired the investment bank Houlihan Lokey to advise it on a possible sale. In conjunction with the bankruptcy filing, Gawker also announced in had entered into an asset purchase agreement to sell its assets to Ziff Davis. The financial terms should be relased soon, but it is believed that the tech publisher will be putting up $100 million for the site, which had about 44 million unique visitors last month. The sale could trigger an auction process for other potential buyers and is subject to approval from a bankruptcy court.

Dear Reader - The enemies of freedom are choking off the Gateway Pundit from the resources we need to bring you the truth. Since many asked for it, we now have a way for you to support The Gateway Pundit directly - and get ad-reduced access. Plus, there are goodies like a special Gateway Pundit coffee mug for supporters at a higher level. You can see all the options by clicking here - thank you for your support!
Photo of author
Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

You can email Jim Hoft here, and read more of Jim Hoft's articles here.

 

Thanks for sharing!