Univision submitted the winning bid acquiring Gakwer for $135 million in today’s bankruptcy auction.
Univision was reportedly one of only two bidders trying to acquire Gawker.
Magazine and internet publisher Ziff Davis had offered to pay $90 million for Gawker Media, which in addition to the Gawker blog, owns Jezebel, Deadspin, and Kotaku.
Univision reportedly formally submitted a bid before yesterday’s 5 pm deadline, according to Forbes magazine.
The auction took place today. No comment yet from Univision.
Recode got this statement from Gawker Media owner Nick Denton: “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. I am pleased that our employees are protected and will continue their work under new ownership — disentangled from the legal campaign against the company. We could not have picked an acquirer more devoted to vibrant journalism.”
Gawker Media was forced into bankruptcy in June after it lost an invasion of privacy lawsuit, resulting in a $140 million court judgment in favor of former professional wrestler Hulk Hogan, who sued the online pub for publishing excerpts of a tape of him having sex.
According to POLITICO, a judge will certify Univision’s winning bid later this week and the sale will officially close early next month.
As part of the deal, Univision agreed to keep at least 95% of Gawker’s current staff and to take over Gawker’s current 114 Fifth Avenue lease in New York and honor Gawker’s current union contract.
Univision has expanded its digital reach with other acquisitions. In 2015, it bought The Root and earlier this year it purchased a 40.5% controlling stake The Onion.
Spending money like crazy. Maybe falco is helping friends to get rid of bad businesses. The audience of the onion went down after the sale. Meanwhile their bread and butter is losing viewers due to the lack of commitment from the executives to keep the tv thing running.
At this point univision is only buying clicks instead of programing.
Preach it, Arcangel.
I can’t wait to read the next press release:
“Isaac The Puppet Lee, new CEO,O,F and etc., of this new Univision property”
Who wanna bet ?
Hold on… Falco needs to name some VPs first…. they need to include the F.O.I.L….