“Our sites will thrive - under new ownership - and we’ll win in court. “Even with his billions, Thiel will not silence our writers,” Denton said in a tweet. Gawker founder Nick Denton appeared to dig in his heels in the feud with Thiel. The deal calls for acquisition of the website Gawker as well as other brands including Gizmodo, Deadspin and Lifehacker. Ziff-Davis known for its PC Magazine among others, is part of the j2 Global digital media group. It said the sale will be conducted through a bankruptcy court supervised auction, in which other bidders may also participate. The Gawker statement offered no financial details but said the media assets would be sold “free and clear of legal liabilities and maximize value for all stakeholders.” It seeks protection of its assets under Chapter 11 of the US bankruptcy code. The filing in federal bankruptcy court in New York lists assets in a range of $50 million to $100 million, and liabilities between $100 million and $500 million. The case drew heightened attention when Silicon Valley titan Peter Thiel acknowledged that he had helped fund the litigation and others against Gawker, with whom he has feuded for years since it “outed” him as a homosexual. The filing in New York follows the whopping jury award earlier this year for releasing a tape of pro wrestler Hogan having sex with a friend’s wife. The moves come with Gawker under fire for its no-holds-barred approach to celebrity coverage, but with questions also raised about whether powerful interests can use their resources to silence media for unfavourable coverage. Reeling from a $140 million verdict in the invasion-of-privacy suit brought by Hulk Hogan, Gawker filed for bankruptcy on Friday.(NYT file)įollowing the bankruptcy filing, the embattled US media group said it had reached a deal to sell its media brands to publishing group Ziff Davis. The offices of Gawker Media, in New York's SoHo neighborhood. If even one person has been spared the humiliation that (Hogan) suffered, this is a victory.Gawker Media on Friday filed for bankruptcy, seeking to sidestep a shutdown from a $140 million judgment for releasing a Hulk Hogan sex tape in a lawsuit bankrolled by a Silicon Valley billionaire. media circles over whether wealthy individuals are trying to muzzle the press.ĭavid Houston, Hogan's attorney, issued a statement saying Mr Denton's bankruptcy "has nothing to do with who paid (Hogan's) legal bills, and everything to do with Mr Denton's own choices and accountability. Mr Thiel's involvement has raised alarm bells in U.S. ![]() Gawker had published an article in 2007 about Thiel's homosexuality. Mr Thiel is an early backer and board member of Facebook who was angry over Gawker's writings about him and his friends in Silicon Valley. ![]() The wrestler had accused the site of violating his privacy by posting a sex tape featuring Hogan having sex with the wife of his then-best friend, the radio shock jock Bubba the Love Sponge Clem.Īccording to court documents, Mr Denton is personally liable for $125 million of the $140 million judgment won by Hogan, whose real name is Terry Bollea. Gawker Media filed for bankruptcy in June after Hogan won the judgment. Bankruptcy Court for the Southern District of New York.Įarlier on Monday, he tweeted that he wanted to protect colleagues from a "vendetta" by tech billionaire Peter Thiel, who funded Hogan's Florida lawsuit. Gawker Media filed for bankruptcy after losing a 140 million invasion-of-privacy suit brought by former professional wrestler Hulk Hogan and funded by tech billionaire Peter Thiel. Mr Denton listed assets of $10 million to $50 million and liabilities of $100 million to $500 million in his Chapter 11 petition filed at the U.S. New York: Gawker Media Chief Executive Nick Denton filed for personal bankruptcy protection on Monday, according to court documents that name his largest creditor as Hulk Hogan, a former professional wrestler who won a $140 million court judgment against the news website over a sex tape it posted. Gawker Media filed for bankruptcy in June after Hogan won the judgment WHEREAS, on J(the Gawker Media Bankruptcy Case), Gawker Media filed a voluntary petition for relief under chapter 11, of title 11, of the United States Code (the.Hulk Hogan won a $140 million court judgment against the news website.Gawker Media CEO Nick Denton filed for personal bankruptcy protection.
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