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Business

Gawker bought by Univision for $135 million

Opening Sequence

Opening Sequence

Business

Gawker bought by Univision for $135 million

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COMING UP:Gawker bought by Univision for $135 million

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Transcript

00:00:02
>> Gawker once one of the most influential gossip sites, now in the hands of Univision. America's largest Spanish language broadcasting company out bidding Ziff Davis in a bankruptcy auction Tuesday. Reuters Jessica DiNapoli.>> Univision appears to be>> Interested in growing its Millennial audience and Gawker is known for attracting Millennials.
00:00:26
They've made a number of acquisitions and investments over the past couple of years to do so.>> Among them a minority stake in satiric news site, the Onion, and ownership of millennial channel and website Fusion. And now paying $135 million for the Gawker Media Group, which also included Jezebel for young women, snarky sports site Deadspin, And car junkie favorite, Jalopnik.
00:00:51
Gawker owner, Nick Denton, sounding pleased with the bid, saying in a statement, we could not have picked an enquirer more devoted to journalism. His future with the company, as well as Gawker's notoriously snide editorial tone, are still to be determined. Gawker Media filed for bankruptcy in June with an intent to sell itself.
00:01:10
Receiving an initial floor bid or $90 million from Ziff Davis. Gawker buckling under the weight of the $140 million in damages it owes Hulk Hogan following an invasion of privacy lawsuit. Bank rolled by billionaire investor Peter Teal who was outed by Gawker in 2007. The former wrestler sued over the publications of excerpts from a sex tape.
00:01:33
Teal on Monday pending a New York Times op ed supporting the intimacy private protection act nicknamed the Gawker bill. Federal legislation that would make it illegal to distribute private sexual images Sometimes dub revenge porn, without the participants consent. Dentin also found libel in the suit and filing for personal bankruptcy to help stall his portion of the payment.
00:01:57
Univison's winning bid will now go before bankruptcy court judge for approval on Thursday.