Like we expected, Univision Communications has won the bidding process for Gawker Media. The price tag for Nick Denton’s (former) empire was $135 million.
For what it’s worth, Denton seemed pleased with the decision.
“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,” said Denton, in a statement. “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.”
The deal between Univision and Gawker now heads to a bankruptcy judge for final approval. When it goes through, Univision’s digital empire will be quite impressive. It already owns Fusion, The Onion, AV Club and The Root.
Gawker was forced to file for bankruptcy after Terry “Hulk Hogan” Bollea won a $140 million judgement against Gawker, which published a private sex tape featuring the wrestler. The lawsuit was bankrolled by Peter Thiel, a rich man who had his feelings hurt.