Univision Wins Bidding For Gawker Media
August 16, 2016 at 3:53 PM (PT)
UNIVISION HOLDINGS has won the bidding for GAWKER MEDIA. UNIVISION was the only bidder in TUESDAY's auction other than ZIFF DAVIS' stalking-horse bid; UNIVISION will pay $135 million for the seven GAWKER sites, which were auctioned off after GAWKER filed for bankruptcy in the wake of HULK HOGAN's $140 million judgment against it, founder NICK DENTON, and former editor A.J. DAULERIO. The deal requires approval from a bankruptcy judge.
A statement from DENTON read, "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."
UNIVISION has been expanding into English-language digital ventures in recent months, investing with a minority stake in THE ONION; the latter and its pop culture site A.V. CLUB, viral post parody site CLICKHOLE, and celebrity gossip parody site STARWIPE are being combined into FUSION MEDIA GROUP, headed by millennial-targeted news channel FUSION, UNIVISION DIGITAL, and UNIVISION MUSIC.