![]() The case has been a hot topic of discussion in media, technology and entertainment circles after it was revealed that Hogan had a financial backer in Silicon Valley. Hogan tweeted Friday: "What a beautiful day, and the good doesn't prevent the better! In the present I AM always grateful, only good happens to me." Other creditors include law firm Morrison Cohen insurance brokerage Risk Strategies content-distribution firm SimpleReach and Google. In Gawker's bankruptcy filing, Bollea (Hogan) was listed as its largest creditor. Gawker also has to pay $25 million in punitive damages. Hogan argued in court that it was a violation of his privacy, and a Florida jury awarded him $55 million for economic injuries and $65 million for emotional distress. Terry Bollea, aka Hulk Hogan, sued Gawker for $100 million after the site posted a video in 2012 of him having sex with his former best friend’s wife. Gawker couldn't immediately be reached for comment. Bankruptcy Court for the Southern District of New York, Gawker listed estimated assets of $50 million to $100 million and liabilities of $100 million to $500 million. Nick Denton, founder of the online media company, had been considering selling Gawker's blogs after a judge denied last month its motion to seek a new trial. "There’s a tremendous fit between the two organizations," Ziff Davis CEO Vivek Shah wrote in a staff memo that was obtained by USA TODAY. Gawker's properties, which include Gizmodo, Lifehacker and Deadspin, are expected to continue operations during bankruptcy proceedings. The court must approve the sale's price and terms. The auction is expected to begin in late July. Ziff Davis plans to buy Gawker's blogs - but not assume its liabilities - if no other offer emerges. The person wasn't authorized to speak publicly. Ziff Davis, the digital publisher of AskMen, PCMag and Computer Shopper, has placed a bid for Gawker's assets - with $100 million as the opening price - prior to an auction that will be supervised by the bankruptcy court, according to a person familiar with the matter. Gawker Media, which was recently ordered to pay about $140 million to Hulk Hogan, filed for Chapter 11 bankruptcy protection on Friday and put its assets up for sale, conceding its difficult future following a contentious invasion-of-privacy lawsuit brought by the former wrestler. It will now add Gawker to that growing stable, as well as other sites on the Gawker network - including gaming site Kotaku, advice site Lifehacker and feminism site Jezebel.Watch Video: Roger Yu talks Gawker's bankruptcy But in recent years it has also bought satirical site The Onion and African-American news site The Root. Univision is mainly known for its Spanish language television network in America. ![]() We could not have picked an acquirer more devoted to vibrant journalism." "I am pleased that our employees are protected and will continue their work under new ownership - disentangled from the legal campaign against the company. "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. Technology website Recode broke the news that Gawker Media had been sold this morning, publishing a statement from founder Nick Denton: The irreverent news and entertainment website filed for bankruptcy in June after it was successfully sued by Hogan for publishing a video in 2012 of him having sex with the wife of a friend.Ī jury found the former wrestler, whose real name is Terry Bollea, was owed $US140 million ($182 million) compensation for emotional distress and economic damage. Gawker Media has been sold to media company Univision for $US135 million ($175 million) - less than the amount it was ordered to pay Hulk Hogan in a privacy case earlier this year. ![]()
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