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voiceofreason
06-10-2016, 12:42 PM
http://www.wsj.com/articles/gawker-declaring-bankruptcy-will-be-put-up-for-auction-1465578030

Gawker Files for Bankruptcy, Will Be Put Up for Auction
Move comes after $140 million Hogan judgment is ruled to stand; auction to begin with a bid from publisher Ziff Davis

https://si.wsj.net/public/resources/images/BN-OK816_2wCDg_M_20160610122005.jpg?width=1260&height=839

Updated June 10, 2016 2:23 p.m. ET

Gawker Media filed for bankruptcy Friday and the company will be put up for auction after a judge ruled that a $140 million jury judgment against it in a costly legal battle with former professional wrestler Hulk Hogan would stand.

The sale auction will begin with an opening bid of $90 million from the digital media company and publisher Ziff Davis LLC, according to a person familiar with the matter.

In a memo to staff, Ziff Davis chief executive Vivek Shah said the auction will likely take place at the end of July and that he expected the bankruptcy court to set a schedule to take other bids soon.

“There’s a tremendous fit between the two organizations, from brands to audience to monetization. We look forward to the possibility of adding these great brands—and the talented people who support them—to the Ziff Davis family,” he said.

The move to sell marks a stunning turn for the 14-year-old company that was a pioneer in digital media when launched by Nick Denton in 2002. Its aggressive and sometimes lurid style of reporting made it an object of media fascination as well as ire among plenty of enemies it has made along the way.

The sale was triggered after the judge overseeing the invasion-of-privacy case brought by Hulk Hogan—whose real name is Terry Bollea—declined to issue a stay pending Gawker’s appeal. That opened the door for Mr. Bollea to conceivably take control of the company.

As a result, Gawker Media will declare bankruptcy to block such a move, continue operations and pay its staff.

https://en.wikipedia.org/wiki/Nick_Denton

Nick Denton

Denton grew up in Hampstead, the son of British economist Geoffrey Denton and his wife, Marika (née Marton), a Hungarian Jew who survived the Nazis :rolleyes:and escaped the Soviet occupation at age 18. A psychotherapist, she died of cancer the year before her son moved to New York City.

Whitebear
06-10-2016, 02:18 PM
(LGBT-Queer) Nick Denton is a British Internet entrepreneur, the founder and proprietor of the blog collective Gawker Media (https://en.wikipedia.org/wiki/Nick_Denton)
Denton grew up in Hampstead, the son of British economist Geoffrey Denton and his wife, Marika (née Marton), a Hungarian Jew who survived the Nazis and escaped the Soviet occupation . On 16 January 2014, the New York Post reported, "Gawker Media founder Nick Denton is getting married to his (black queer) partner of just over a year, actor Derrence Washington.
Derrence Washington and Nick Denton
http://www.newnation.org/Images/2016/NickDenton-and-DerrenceWashington.jpg (https://www.google.com/search?q=Derrence+Washington+and+Nick+Denton&hl=en&biw=1165&bih=531&site=imghp&tbm=isch&source=lnms&sa=X&ved=0ahUKEwjo3-mIsJ7NAhUK1WMKHZDECxEQ_AUICigD&dpr=1)