Bankrupt Gawker to shut up shop next week after Univision buyout
Media outlet Gawker has announced that it will close next week after a Hulk Hogan legal case secretly funded by tech billionaire Peter Theil brought it to financial ruin.
The news, reported by Gawker itself, comes a day after Univision agreed to buy Gawker Media for $135m in a bankruptcy auction.
It does not affect Gawker's other properties, including Gizmodo, Lifehacker, Jezebel, Deadspin, which Univision reportedly intends to maintain.
A bankruptcy court in Manhattan will decide the final outcome of Univision’s bid for the company, until a decision is made, the future of Gawker staff hangs in the balance. The Drum will update this piece to reflect the result of the hearing.
Nick Denton, departing Gawker chief made staff aware of the circumstances on Wednesday 18 August, and released a statement on the website.
Univision earlier this year snapped up satirical website the Onion, stating that it was keen to push a diverse portfolio; sparked by its purchase of African-American news outlet The Root and news and lifestyle network Fusion.