Now that Gawker Media has filed for bankruptcy because a rich guy got his feelings hurt, it’s likely only a matter of time before the company will no longer belong to founder Nick Denton. However, while Denton will lose Gawker as a whole, he might keep a firm grasp on the site that started it all — Gawker.com.
According to Politico, if initial bidder Ziff Davis ends up buying Gawker Media, Denton has agreed to stay on as an advisor for two years following the deal’s close. During that time, Denton is forbidden from working with “any business enterprise that engages in the same or similar business as the Debtors.” With one big caveat: “Excluding Gawker.com.”
Of course if Ziff Davis doesn’t buy Gawker, then this entire scenario is out the window.
All companies looking to bid for Gawker must have their offers in by July 25, as the bankruptcy auction will happen on July 29. Stay tuned.