Thursday, August 18, 2016
Gawker To Shut Down After Acquisition By LA's Univision
Online news site Gawker Media will shut down its operations, after its acquisition by LA's Univision on Tuesday, according to the site. According to Gawker, Nick Denton, the current CEO of Gawker, told staffers that staffers will be moved to one of Gawker's other six sites, or elsewhere within Univision, as a result of the acquisition. Univision won the bid for Gawker via a bankruptcy auction on Tuesday, agreeing to pay $135M for the company. Gawker was forced into bankruptcy due to the loss of a lawsuit filed by Hulk Hogan, and funded by Silicon Valley mogul Peter Thiel. Univision has yet to announced its plans for Gawker and its assets, although the company already runs a number of online media publications.