Univision has agreed to pay $135 million for Gawker Media, owner and founder Nick Denton confirmed Tuesday.
"I am pleased that our employees are protected and will continue their work under new ownership — disentangled from the legal campaign against the company," Denton said in a statement. "We could not have picked an acquirer more devoted to vibrant journalism." The company filed for bankruptcy protection earlier this year after Hulk Hogan was awarded $140 million as part of an invasion of privacy case against Gawker Media and several employees.
The offer is for all seven of the blog network's sites, including flagship Gawker.com. Univision and Ziff Davis were the only two bidders. Before the deal can go through, a bankruptcy court judge needs to sign off on the transaction, and after it's approved, the funds will be set aside while Gawker appeals the verdict. The money will go to whichever entity wins. Last year, Denton argued his company was worth at least $250 million.
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