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Univision to buy Gawker

Wednesday, August 17, 2016 - 01:37

The Spanish language broadcaster won a bankruptcy auction to acquire the American Internet gossip site. Lisa Bernhard reports.

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Gawker, once one of the most influential gossip sites, now in the hands of Univision. America's largest Spanish-language broadcasting company outbidding Ziff Davis in a bankruptcy auction Tuesday. Reuters' Jessica DiNapoli: SOUNDBITE: JESSICA DINAPOLI, CORRESPONDENT, REUTERS, (ENGLISH) SPEAKING: "Univision is looking to attract millennials, and 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 includes Jezebel, for young women; snarky sports site Deadspin and car junkie favorite Jalopnik. Gawker owner Nick Denton sounding pleased with the bid, saying in a statement, "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 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 by Gawker in 2007, the former wrestler sued over the publication of excerpts from a sex tape.

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Univision to buy Gawker

Wednesday, August 17, 2016 - 01:37