In what is either an interim victory for Gawker hater and Silicon Valley billionaire Peter Thiel or a prudent maneuver by Gawker Media founder Nick Denton, the online media company declared bankruptcy Friday and has has put itself up for sale as it confronts a $140.1 million judgment in Hulk Hogan’s sex video lawsuit.
According to the tech news web site Recode, the Ziff Davis digital publishing company has entered a “binding offer” of around $100 million—though it may end up paying more—to purchase Gawker Media Group’s flagship news and gossip site and the six others that comprise Denton’s online empire.
“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 press release. “A combination would marry Ziff Davis’ strength in e-commerce, licensing and video with GMG’s premium media brands.”
Other bidders might also be expected to show interest as Gawker Media prepares to submit to a court-supervised auction in late July, which would put the company on the block while omitting its potential legal liabilities as a part of any sale.
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