Gawker Media is looking to be purchased after it announced on Friday that it has filed for bankruptcy protection in the wake of a judge awarding Hulk Hogan a $140 million lawsuit in a privacy trial against the company earlier this spring.
One such suitor is publisher Ziff Davis, which has reportedly offered to buy Gawker Media for less than $100 million. Ziff Davis knows something of the Chapter 11 process itself, having filed itself when its hobbyist magazine business suffered along with the print industry as a whole back in 2008. The company now publishes digital, tech-centric titles, Recode reports, and reaches over 100 million readers a month with publications like IGN, Ask Men, and PCMag.
In a memo from Ziff Davis, the company wasn't clear about what would happen with Gawker itself if it were to become the purchaser, since its interests in Gawker Media apparently lie in other sites:
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In the event we become the acquirer, the additions of Gizmodo, Lifehacker, and Kotaku would fortify our position in consumer tech and gaming. With the addition of Jalopnik, Deadspin, and Jezebel, we would broaden our position as a lifestyle publisher. Much like us, GMG is heavily active in driving commerce-based revenues and has an impressive publishing and commerce platform with Kinja. [Recode]
However, Gawker assumes it will see higher bids; owner Nick Denton has said that he believes the company is worth between $250 million and $300 million.
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