[media]https://twitter.com/Reuters/status/741313638812798976[/media]
[media]https://twitter.com/Reuters/status/741314330755510272[/media]
[url]http://www.wsj.com/articles/gawker-declaring-bankruptcy-will-be-put-up-for-auction-1465578030[/url]
[quote]Gawker Media filed for bankruptcy Friday and the company will be put up for auction after a judge ruled that a $140 million jury judgment against it in a costly legal battle with former professional wrestler Hulk Hogan would stand.
[B]The sale auction will begin with an opening bid of $100 million from the digital media company and publisher Ziff Davis LLC[/B], according to a person familiar with the matter.
The sale was triggered after the judge overseeing the invasion-of-privacy case brought by Hulk Hogan—whose real name is Terry Bollea—declined to issue a stay pending Gawker’s appeal. That required the company to put up a $50 million bond.
As a result, Gawker Media will declare bankruptcy in order to continue operating and paying its staff.[/quote]
Ziff Davis owns IGN and [url=https://en.wikipedia.org/wiki/Ziff_Davis#Current_properties]other sites[/url]
[url]http://www.politico.com/media/story/2016/06/gawker-files-for-bankruptcy-to-protect-assets-from-hogan-004593[/url]
[quote]Though it's filing for bankruptcy, Gawker has no plans to cease its operations. [B]The company will continue to operate as normal while the bankruptcy process proceeds and it appeals the Hogan judgment.[/B]
The money for the sale will be put in escrow while Gawker appeals the Hogan case. If the $140.1 million judgment is upheld on appeal, then the money held in escrow will go to Hogan. If the judgment is overturned on appeal, then the money held in escrow will be returned to Denton and the company's other shareholders.[/quote]
Has Gawker covered this yet?
I hope a full news article will be posted soon, let's not go that low and just post tweets in the news subforum.
You simply don't fuck with Hogan.
Isn't he gearing up for round 2 too? I almost feel bad.
The story is developing so there's no full article just yet, but here's a few other sources.
[url]http://www.thedailybeast.com/cheats/2016/06/10/gawker-files-for-bankruptcy.html?via=twitter_page[/url]
[url]http://www.businessinsider.com/gawker-files-for-bankruptcy-2016-6[/url]
[url]http://www.recode.net/2016/6/10/11903764/gawker-bankruptcy-chapter-11-sale-ziff-davis[/url]
[url]http://variety.com/2016/digital/news/gawker-media-files-for-bankruptcy-1201793031/[/url]
[quote]The company will continue to operate as normal while the bankruptcy process proceeds and it appeals the Hogan judgment.[/quote]
They're probably hoping for a bailout or the appeal to go through so they don't actually have to file bankruptcy, but they really bit off more than they can chew.
[QUOTE=Omali;50491347]Has Gawker covered this yet?[/QUOTE]
But one cannot speak at their own funeral.
And there's the pin.
[QUOTE=Omali;50491347]Has Gawker covered this yet?[/QUOTE]
"welp guys we're broke. here are some ebay listings for our subsidiaries. you can buy deadspin for $15"
Shame about Jalopnik but the rest can fuck off and die in a fire.
[QUOTE=GhillieBacca;50491467]Shame about Jalopnik but the rest can fuck off and die in a fire.[/QUOTE]
Fuck, you're right, hope someone saves Jalopnik
[QUOTE=Swiket;50491427]"welp guys we're broke. here are some ebay listings for our subsidiaries. you can buy deadspin for $15"[/QUOTE]
I'll give 5 hedgehog pictures for Lifehacker
Ding dong the witch is dead.
hoganwinslol
Ziff davis memo about their plans
[url]http://www.recode.net/2016/6/10/11904892/memom-here-s-what-ziff-davis-has-to-say-about-its-plans-to-buy-gawker-media[/url]
I've noticed a fair number of Gawker writers fleeing for better climes.
[url=http://www.thedrive.com/author/628/tyler-rogoway]Tyler Rogoway moved from Jalopnik's Foxtrot Alpha to The Drive[/url], where he's been doing the same thing he's always been doing.
Earlier this morning, I noticed Richard Eisenbeis left Kotaku (he was the Japan+anime guy). And I'm sure others have left, but those are the only two I read because I don't give a shit about the Gizmodo or Deadspin or Jezebel or Lifehacker idiots and their dumb opinions.
I half expect to see Doug DeMuro show up at Cracked or something some day. I genuinely hope he makes it through this okay, he definitely doesn't deserve to suffer for Gawker's idiocy.
[img]http://static.giantbomb.com/uploads/original/0/4362/1516686-we_did_it.jpg[/img]
Get in lads
[highlight](User was banned for this post ("Reaction image." - Pascall))[/highlight]
[QUOTE=Ruski v2.0;50491868][img]http://static.giantbomb.com/uploads/original/0/4362/1516686-we_did_it.jpg[/img]
Get in lads[/QUOTE]
I saw that, quite a display you had in that post for a second there
Hell yeah. Good riddance.
[B][I]SMASH 'EM, HULKSTER!![/I][/B]
Ding dong the witch is... not quite dead but hopefully will eventually, but let's face it, it'll be a very slow death and Gawker might not ever go away entirely.
they were killed by their own hypocrisy
R.I.P(Rot In Piss)
[QUOTE=smurfy;50491879]I saw that, quite a display you had in that post for a second there[/QUOTE]
No idea what you're talking about lad :v:
lets pool our money together and buy kotaku
[QUOTE=Untouch;50492137]lets pool our money together and buy kotaku[/QUOTE]
you'd only need like 2$ because that's all they're worth
[QUOTE=J!NX;50492140]you'd only need like 2$ because that's all they're worth[/QUOTE]
Woah, you some sort of fan of Kotaku, I think you're overselling it a little there.
There is nothing good about a billionaire using his money to fund someone else's lawsuit to bankrupt a media outlet.
Gawker was terrible, but this whole story sets an even worse precedent.
What if, instead of releasing a sex tape, they made a perfectly valid article criticizing another billionaire? Would we be ok with them suing the company into oblivion? Will we so willingly and happily discard the first amendment?
[QUOTE=person11;50493375]There is nothing good about a billionaire using his money to fund someone else's lawsuit to bankrupt a media outlet.
Gawker was terrible, but this whole story sets an even worse precedent.
What if, instead of releasing a sex tape, they made a perfectly valid article criticizing another billionaire? Would we be ok with them suing the company into oblivion? Will we so willingly and happily discard the first amendment?[/QUOTE]
Perfectly valid critical articles are protected by law.
Breaches of personal privacy and defying court orders? Not so much.
You will note that while Peter Thiel had a solid grievance against Gawker, he wasn't able to shut them down until they published Hogan's sex tape and laughed at the judge who told them to remove it.
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