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[twinturbo2]

http://www.recode.net/2016/7/7/12124336/gawker-media-bankruptcy-auction-august-16

Last month, in the face of endless litigation from billionaire enemy Peter Thiel, Gawker Media filed for bankruptcy protection.

At a hearing in bankruptcy court today, a judge approved Gawker’s plans for a bankruptcy sale. The auction will be held on Aug. 16 (about five weeks from now), and the hearing confirming the winning bid will be held on Aug. 18.

It’s a small victory for Gawker, which might have otherwise had to pay out a substantial sum of money.

Hulk Hogan, the ex-pro wrestler suing Gawker and its founding CEO Nick Denton, won a $140 million judgment against the company in March. By successfully filing for bankruptcy protection, Gawker Media is protected from handing over any money to Hogan, whose legal efforts against Gawker (among myriad others) are reportedly being financed by Peter Thiel, who wants to sue the company out of existence.

Though Hogan isn’t seeking further action against Gawker Media, he alleges that the company made a secret loan to Denton and that Denton shouldn’t be afforded bankruptcy protection along with the company. Gawker Media and legal experts, meanwhile, have said that Gawker (and Denton) are likely to win on appeal.

The bidding for Gawker will start with whoever wants to top the roughly $100 million starting offer from publisher Ziff-Davis, which owns titles like PC Mag and IGN. Other names that have been publicly floated as potential bidders include Univision and Penske Media (the publisher of Variety and the Hollywood Reporter), but it’s unclear who is actually planning to submit a bid. Additionally, it’s hazy whether or not a bidder will continue to operate Gawker.com, which might be a liability with advertisers in ways that sister sites Gizmodo, Deadspin or Jezebel are not.

Thoughts?

 

[ClosingADoor]

They are selling it all in one go, instead of splitting it up? Wonder who gets it.

 

[Foffy]

They are selling it all in one go, instead of splitting it up? Wonder who gets it.

Hulk Hogan.

 

[Maximus.]

IGN and Kotaku under one umbrella.

 

[Chanser]

IGN and Kotaku under one umbrella.

Keza left IGN for Kotaku.

 

[MJPIA]

I'm gonna be disappointed if Thiel doesn't acquire them.
Unless there are rules against suing a company out of existence and then swooping and buying them.

 

[FStop7]

I offer tree fiddy

 

[BronsonLee]

The only way this ends in a proper wrestling way is if Thiel and Hogan are trying to buy it, but get outbid at the last second by a returning Stephen Totilo

 

[orthodoxy1095]

Are the people involved in the suit allowed to buy it?

Because it would be amazing to see them buy it and wipe the company out.

 

[firehawk12]

Wait so the new company doesn't owe Hogan anything?

Why doesn't the current owner just sell it to himself for a dollar.

 

[twinturbo2]

Are the people involved in the suit allowed to buy it?

Because it would be amazing to see them buy it and wipe the company out.

It would be a dick move to end all dick moves. I doubt it happens. All I'm hearing is Univision and Penske Media also being interested along with Ziff Davis.

 

[The Llama]

Are the people involved in the suit allowed to buy it?

Because it would be amazing to see them buy it and wipe the company out.

No idea if it's allowed but it'd probably cost them more than they'd want tbh. A few million, whatever. But 100 million or more is much different.

 

[orthodoxy1095]

It would be a dick move to end all dick moves. I doubt it happens. All I'm hearing is Univision and Penske Media also being interested along with Ziff Davis.

Would be a fitting end for Gawker exactly for that reason!

No idea if it's allowed but it'd probably cost them more than they'd want tbh. A few million, whatever. But 100 million or more is much different.

boo

 

[Dennis]

Are the people involved in the suit allowed to buy it?

Because it would be amazing to see them buy it and wipe the company out.

I hope that is possible and that they do it.

It is what I would do in that situation.

 

[twinturbo2]

Don't know yet if there's a separate thread on this, but there's another complication that arose yesterday.

https://www.theguardian.com/media/2016/jul/20/gawker-founder-nick-denton-faces-personal-bankruptcy