You will be redirected back to your article in seconds

Univision Buys Gawker for $135 Million

Univision won the bidding for Gawker Media on Tuesday, agreeing to pay $135 million for the bankrupt digital publisher.

The deal ends Gawker’s 14-year run as an independent company. Univision was one of only two reported bidders for the company. The other was Ziff Davis, which put in a $90 million bid in June.

A bankruptcy judge must still approve the sale. Gawker was forced to declare bankruptcy in June, after wrestler Hulk Hogan won a $140 million judgment against it in a Florida court for violating his privacy. Gawker has appealed the case, but did not have the resources to keep fighting on its own. Nick Denton, Gawker’s founder, has also filed for personal bankruptcy.

Denton preferred Ziff Davis’ bid, and would have stayed on as a consultant had Ziff Davis succeeded in the auction. The $135 million sale price is, however, more than Denton might have expected to get for the company.

Univision has been buying up digital brands recently, including the Root and the Onion. It also launched Fusion, its own TV network and digital publisher.

Mark Patricof, the banker handling the bankruptcy auction, confirmed the deal to Recode.

“The outcome exceeded our expectations. Both parties put in an awful lot of work, and Ziff Davis deserves credit for their effort,” Patricof told the site. “But ultimately Univision prevailed, and both sides are happy with the outcome.”

In an email to CNN, Denton said that the sale ensures that Gawker will live on.

“Gawker Media Group has agreed this evening 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,” he told CNN. “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.”

More Digital

  • Snapchat logos

    Porn Studio Starts Building X-Rated Snapchat Lenses, Encourages Users to Do the Same

    Adult entertainment company Naughty America wants to use augmented reality to get the word out about its paid services. The company has begun to make Snapchat lenses featuring some of its models, and is teaching its audience to do the same. Naughty America shared three such lenses on its website (link not safe for work) [...]

  • New, Likely Cheaper Galaxy Home Speaker

    Samsung Is Getting Ready to Introduce Second Smart Speaker

    Samsung still isn’t selling its Galaxy Home smart speaker, but the company may be getting ready to introduce a second model soon: An FCC filing for an “AI speaker” suggests that the new model, like the original Galaxy Home, will be dual-branded, featuring both Samsung’s own brand name as well as that of its audio [...]

  • Streaming Placeholder

    TikTok Owner Preparing Streaming Service to Rival Spotify (Report)

    ByteDance, the Beijing-based owner of the TikTok video app, is developing a paid streaming music service aimed at the same emerging markets that Spotify and Apple are seeking to explore, according to a report in Bloomberg. The app could be introduced as early as autumn, according to the report, which adds that the company has [...]

  • VidCon-Now-Stacey-Kelly

    VidCon Launches First Original Series to Promote Creators Year-Round

    VidCon brings together thousands of fervent fans at its annual conventions, who flock to the events to see their favorite YouTubers and other digital celebs in the flesh. Now the Viacom-owned division is trying to keep the excitement burning during the VidCon off-season, too. This week VidCon is launching its first foray into original content [...]

  • Stranger Things

    Coca-Cola Will Revive New Coke in Alliance With Netflix, 'Stranger Things'

    A rush of TV watchers to streaming video has prompted Coca-Cola to test an interesting pour. Coca-Cola will bring New Coke back to market for a brief time, all part of a partnership with Netflix, which has featured Coke in its cult-favorite series “Stranger Things.” The third season of the series, set in 1985, will [...]

  • Lauren Dolgen Exits as BuzzFeed Studios

    Lauren Dolgen Exits as BuzzFeed Studios Boss After a Year

    Veteran TV producer Lauren Dolgen has departed as head of BuzzFeed Studios after one year in the job. BuzzFeed had hired Dolgen, a longtime MTV producer who worked on shows including “Teen Mom” and “16 and Pregnant,” as head of BuzzFeed Studios to oversee the company’s slate of original content. Based in L.A., she had [...]

More From Our Brands

Access exclusive content