Univision wins auction for Gawker Media with $135 million bid

Ziff Davis only offered $90 million.

8

Univision has won an auction for beleaguered media company Gawker, bidding $135 million in the bankruptcy. 

Gawker filed for Chapter 11 after it was told to pay $140 million to Terry "Hulk Hogan" Bollea in an invasion of privacy case. The auction only had two bidders, with Ziff Davis offering $90 million for the media conglomerate. The auction covers all seven of the sites owned by Gawker, including Kotaku, Jezebel and Gizmodo.

The sale won't be finalized for some time yet as a bankruptcy judge must approve the deal. Gawker is appealing the Bollea case, so once the sale is approved, the money will go to whoever wins the appeal, according to re/code. Gawker owner Nick Denton has also filed for personal banruptcy.

Univision, which is commonly known for its Spanish language TV network, has recently been expanding its digital portfolio. It bought a 40% controlling stake in the satire site The Onion in January,  and then repurchased a full stake in the Fusion network, whish is aimed at millenials, from Disney in April. 

Contributing Editor
Filed Under
From The Chatty