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Business

Gawker explores options after Hulk Hogan suit

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Business

Gawker explores options after Hulk Hogan suit

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COMING UP:Gawker explores options after Hulk Hogan suit

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00:00:01
>> A Silicon Valley billionaire putting the squeeze on Gawker. Just days after it was revealed that Peter Thiel, founder of PayPal and an early investor in Facebook, has been secretly mounting an assault against the gossip web site, funding Hulk Hogan's damaging law suit against the company. Word now that Gawker is exploring its options, including a plan to sell itself.
00:00:21
Reuters, Liana Baker, said sources tell her Gawker has already gotten offers from potential buyers.>> Some of the names in the media are companies like Univision, which made an investment in the Onion recently. I think there's a lot of digital media companies that could be interested and more traditional companies.
00:00:38
There's also strategic investors or private equity firms that could maybe be interested. But Gawker sent me a kind of off beat statement saying that relax everyone we've hired advisors. But it's because of how we need to make a contingency plan because of Peter Thiel's revenge campaign.>> Thiel, who in 2007 was outed by Gawker.com for being gay, told the New York Times this week that he's been waging a private war against this company, not out of revenge, but to help victims whose lives, he says, were ruined.
00:01:08
That group includes Hogan who sued the site for posting a sex tape of him without permission. In March, a jury awarded the former pro wrestler and reality TV star $140 million in damages, an amount that was upheld by a judge this week and that could significantly affect Gawker's price tag.
00:01:25
>> It's too early to tell what this could sell for.>> Big strategic media companies, though, do like to overpay for assets so maybe Univision wants to spend a billion dollars on it. Every company could sell at the right price, but having this overhang of legal problems really could hurt what it's worth.
00:01:43
>> Baker says Gawker Media, which also owns tech blog Gizmodo, and female-focused Jezebel, may consider other options as well, including restructuring its assets or filing for bankruptcy.