Univision won the auction for Gawker Media with a $135m bid, reports Peter Kafka.
... the auction is a disappointing conclusion for Gawker Media owner Nick Denton, who founded the company in 2002. Last year, as rival media companies like Vice, BuzzFeed and Vox Media (which owns this site) were raising money at increasingly high valuations, Denton was arguing that his company was worth $250 million or more.
The price was depressed by the circumstances of the sale: a $140m award against it after publishing a Hulk Hogan sex tape and losing the subsequent lawsuit, which was secretly funded by vengeful billionaire Peter Thiel. Though experts generally expect Gawker to prevail on appeal, it was forced into bankruptcy by the penalty and the only other bidder was Ziff Davis, at $90m.
This weds Gawker to The Onion and Fusion in the Univision website stable; The Onion is very much its own thing, but Fusion's web presence is quite similar to Gawker itself and one wonders will it blend? Read the rest