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Business

Gawker bought by Univision for $135 million

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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

00:00:01
>> Gawker, once one of the most influential gossip sites, now in the hands of Univision. America's largest Spanish langauge broadcasting company outbidding ZIFF Davis in a bankruptcy auction Tuesday, Reuters Jessica DiNapoli>> Univision appears to be interested in growing it's 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 web site Fusion. And now paying $135 million for the Gawker Media Group, which also includes 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 quote, we could not have picked an acquirer 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, receiving an initial floor bid of $90 million from Ziff Davis.
00:01:14
Gawker buckling under the weight of the $140 million in damages it owes Hulk Hogan following an invasion of privacy lawsuit. Bankrolled by billionaire investor Peter Thiel, who was outed in Gawker in 2007, the former wrestler sued over the publication of excerpts from a sex tape. Denton also found liable in the suit and filing for personal bankruptcy to help stall his portion of the payment.
00:01:39
Univision's winning bid will now go before a bankruptcy court judge for approval on Thursday.