Tags: gawker | shutting down | bankruptcy | univision

Gawker Shutting Down After Bankruptcy, Acquisition by Univision

Image: Gawker Shutting Down After Bankruptcy, Acquisition by Univision

By    |   Friday, 19 Aug 2016 12:51 PM

Gawker will shut down next week after U.S. Bankruptcy Judge Stuart M. Bernstein agreed to a deal by Univision to purchase Gawker Media Group.

The Gawker Media Group – which also included the websites Deadspin, Lifehacker, Gizmodo, Jalopnik, Jezebel, and Kotaku – was forced into bankruptcy after professional wrestler Hulk Hogan won a lawsuit against Gawker earlier this year, The Wall Street Journal reported.

Univision, which purchased the group for $135 million, said that it would incorporate the other websites into its Fusion Media Group.

Gawker was a gossip and entertainment-driven website that created its share of enemies and controversies. In March, a Florida jury sided against Gawker, which posted a sex tape of the former wrestler, stated The Hollywood Reporter.

The jury handed Hogan $115 million in compensatory damages and another $25 million in punitive damages.

PayPal cofounder and Silicon Valley investor Peter Thiel said that he helped finance Hogan's lawsuit against Gawker. The now defunct Gawker blog Valleywag outed Theil as gay in 2007.

"Sadly, neither I nor Gawker.com, the buccaneering flagship of the group I built with my colleagues, are coming along for this next stage," Nick Denton, the former head of Gawker Media, wrote to the staff on Thursday after the bankruptcy was approved, stated The New York Times.

Gawker's archives will stay online but the website will not post any new articles after Monday, Denton said in his message.

"It was a culmination of a year of dread," said John Cook, the executive editor of Gawker Media, according to the Times. "Through a year of just utter constant trauma and assault, it was the thing that I was trying to prevent — it was the thing that we were all trying to keep from happening."

Univision said in a statement that its purchase of Gawker Media builds on its recent investments in websites Fusion, The Root, and The Onion, which also includes The A.V. Club and ClickHole.

"Fusion Media Group is focused on serving America's diverse youth with digital-first brands that reflect their values and passions, authentically," Univision's chief news, entertainment, and digital officer, Isaac Lee, said in the company's statement. "I expect the addition of these digital-first media assets will help exceed the demands of the young, cross-cultural influencers we serve."

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Gawker will shut down next week after U.S. Bankruptcy Judge Stuart M. Bernstein agreed to a deal by Univision to purchase Gawker Media Group.
gawker, shutting down, bankruptcy, univision
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2016-51-19
Friday, 19 Aug 2016 12:51 PM
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