Gawker Media wants everyone to calm down about the rumor that it is considering a sale.
The dust was kicked up after The New York Post reported that Gawker’s expensive legal battle with Terry “Hulk Hogan” Bollea (funded by Peter Thiel) forced the company to hire Mark Patricof of Houlihan Lokey to explore all options, including an outright sale.
“Everyone take a breath,” said Gawker, in a statement. “We’ve had bankers engaged for quite some time given the need for contingency planning around Facebook board member Thiel’s revenge campaign — that’s how the Columbus Nova investment was arranged. We recently engaged Patricof to advise us and that seems to have stirred up some excitement, when the fact is that nothing is new.”
Gawker founder Nick Denton currently owns 68 percent of the company, and the tech firm Columbus Nova Technology Partners owns a minority stake.