Following its bankruptcy resulting from the legal debacle with wrestler Hulk Hogan’s sex tape, Gawker Media was up for an auction. TV network and digital publisher, known largely for its Spanish content, Univision has won the auction at a bid of USD 135 million. The offer includes all seven of Gawker Media’s sites, including the flagship Gawker.com
“Gawker Media Group has agreed to sell our business and popular brands to Univision, one of America’s largest media companies that is rapidly assembling the leading digital media group for millennial and multicultural audiences. I am pleased that our employees are protected and will continue their work under new ownership — disentangled from the legal campaign against the company. We could not have picked an acquirer more devoted to vibrant journalism,” said Gawker Media’s Founder Nick Denton in a press statement
Even though this saves Gawker, the bid price would have disappointing given that reportedly in 2015, Mr Denton had said his company was worth north of USD 250 million.
