Most news outlets make their money through advertising or subscriptions. Will you support Vox’s explanatory journalism? Nick Denton discusses the Hulk Hogan sex tape in June
#Gawker media selling full#
Univision, which until recently was best known as a Spanish-language TV network, has been expanding its digital reach in recent years by acquiring satire site The Onion and The Root, a publication aimed at African-Americans.Īnd earlier this year it picked up full ownership of Fusion, the network and digital publisher aimed at millennials, which it originally launched in conjunction with Disney. Last year, as rival media companies like Vice, BuzzFeed and Vox Media (which owns this site) were raising money at increasingly high valuations, Denton was arguing that his company was worth $250 million or more. Whatever the result of the case, the auction is a disappointing conclusion for Denton, who founded the company in 2002. When it is final, the judgment funds will be set aside while Gawker appeals its court case eventually the money will go to the side that wins. bankruptcy court judge needs to sign off on the transaction. "But ultimately Univision prevailed, and both sides are happy with the outcome." Both parties put in an awful lot of work, and Ziff Davis deserves credit for their effort," Patricof said. Mark Patricof, the Houlihan Lokey banker who represented Gawker Media, confirmed the sale price. We could not have picked an acquirer more devoted to vibrant journalism."
I am pleased that our employees are protected and will continue their work under new ownership - disentangled from the legal campaign against the company. Here's a statement from Gawker Media owner Nick Denton: "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. Ziff Davis had originally offered $90 million for Gawker Media. Ziff Davis and Univision were the only two bidders for Gawker, which filed for bankruptcy after Hulk Hogan and Peter Thiel won a $140 million judgment in a privacy case. Univision’s offer will encompass all seven of Gawker Media’s sites, including The TV network and digital publisher has agreed to pay $135 million for the bankrupt blog network, according to a person familiar with the deal. Club as well as two cable networks - Fusion TV, a news and lifestyle English-language network, and Univision’s interest in El Rey Network - and a production studio.Univision has won the auction for Gawker Media. In addition, the Fusion Media Group includes the company’s interest in the Onion, Clickhole and The A.V. In August of that year, Univision paid $135 million for the Gawker assets in a bankruptcy auction, which didn’t include the currently dormant .įusion Media Group’s Gizmodo Media Group brands are Gizmodo, Deadspin, TrackRecord, Lifehacker, Jezebel, Splinter, The Root, Kotaku, and Jalopnik. Univision created the Fusion Media Group in April 2016, after Disney exited the Fusion cable and digital-media joint venture. Sadusky is the former CEO of Media General and Lin TV station groups. Univision named Vince Sadusky its new CEO, who officially started June 1, with Falco staying on as an adviser through year-end. Shortly afterward, Raju Narisetti, CEO of FMG’s Gizmodo Media Group and a former News Corp exec, also exited after about a year and a half with Univision.
This spring, it Univision laid off 150 employees as part of another wave of restructuring.įusion Media Group CEO Felipe Holguin and president and chief content officer Daniel Eilemberg also left the company. In March, Univision CEO Randy Falco announced his exit one day after the company had scrapped IPO plans.
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