Thiel, a PayPal co-founder, acknowledged he was backing Hogan’s suit in an interview with The New York Times. “We’ve always said we expect to prevail on appeal and we’ve always said we’re exploring contingency plans of various sorts,” a Gawker spokesman said.įorbes broke the news on Wednesday that Silicon Valley billionaire Peter Thiel, still fuming that Gawker’s Valleywag outed him as gay in 2007, was funding Hogan’s legal costs. Daulerio each put $50 million into escrow pending a final resolution. She’s expected to rule next month on Hogan’s request that Gawker, Denton and former Gawker editor A.J.
#Gawker loses millions trial#
Petersburg Judge Pamela Campbell denied the gossip site’s motion for a new trial and let stand the massive judgment. In March, a jury awarded Hogan 115 million in compensatory damages, after the wrestler sued Gawker for publishing portions of a sex tape featuring him and the then-wife of radio DJ Todd Bubba the. Gawker Media houses the namesake gossip site as well as Jezebel, Gizmodo and Lifehacker.Įarlier this year, Univision acquired a 40 percent stake in The Onion, the satirical site, and has been on a spending spree, snapping up digital properties.ĭenton is appealing the March jury judgment in the Hogan case, but so far little has gone his way in the Florida courts. The Post reported last month that the Spanish-language media giant was eyeing Gawker and had discussed partnering or investing in Denton’s company. In March, Hogan was awarded 140 million in damages stemming from a Gawker news article published in 2012, which included a clip of Hulk Hogan having sex, along with commentary. While sources couldn’t name the bidder, one possibility is Univision. “The legal costs are being stripped out,” said a source familiar with the sale talks. Consequently, the editorial director of Gawker Media, Joel Johnson, took to the front page of Gawker to clarify that Sam Biddle does not want to bully anyone, and that Gawker Media as a company and institution is not pro-bullying. Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. Spanish-language broadcaster Univision is buying the sites parent company, Gawker Media, for 135 million US dollars (102 million), after Gawker lost a. The initial bid came in at one to 1.5 times revenue. Ive been told that weve lost thousands of dollars already, and could potentially lose thousands more, if not millions. The value of the business was pegged at $250 million around the time of that deal, but that number has since sunk, sources said.ĭuring the Hogan trial, it emerged that Gawker’s annual revenue was $48.7 million in 2015. He sold a minority stake for $100 million to technology firm Columbus Nova Technology Partners, injecting some much-needed cash as the company fought the Hogan suit. In addition, founder Nick Denton has stepped down as president and editorial director Joel Johnson has been removed from his post and will probably leave the company, reports Capital New York. Univision said it will integrate Gawker Media's other sites with Fusion, its millennial-focused pop culture and news site as well as its other Internet holdings, African-America focused The Root and the satrical site, The Onion, for which it holds a minority interest.Judge denies Gawker's bid for new trial in Hulk sex tape caseĪt least one unnamed party has already expressed interest with a deal valued at between $50 million and $70 million, sources said.ĭenton owns a 68 percent stake in Gawker after bringing in his first outside investor earlier this year. The cost to Gawker Media of its ridicule and viciousness toward video gamers was seven figures in lost advertising revenue, according to the company’s head of advertising, Andrew Gorenstein. Bankruptcy Court for the Southern District of New York in Manhattan.
The post has been replaced with a link to a statement by. That transaction was approved on Thursday by the U.S. Gawker has removed a controversial post about Conde Nast CFO David Geithner allegedly trying to arrange a rendezvous with a gay escort. Univision agreed on Tuesday to pay $135 million for Gawker Media's other sites: Gizmodo, Lifehacker, Kotaku, Jalopnik, Deadspin and Jezebel. "Even if the appeals court overturns this spring's Florida jury verdict, Peter Thiel has already achieved many of his objectives," Denton added.
In 2007, a since-closed Gawker publication Valleywag wrote that Thiel is gay, questioning why tech heavyweights in Silicon Valley chose to keep their sexual preference private despite living in the famously tolerant Bay Area. Gawker has since appealed the judgment while calling out the venture capital billionaire Peter Thiel for having bankrolled Bollea's court case.
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