Univision has emerged the winner in the auction for Gawker Media. The TV network and digital publisher beat Ziff Davis who had originally offered $90 million for Gawker Media.
The $135 million bid will encompass all seven of Gawker Media’s sites, Gawker.com,Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel.
Gawker had filed for bankruptcy after the Hulk Hogan case
According to Gawker Media owner Nick Denton:
“Gawker Media Group has agreed this evening to sell our business and popular brands to Univision, one of America’s largest media companies that is rapidly assembling the leading digital media group for millennial and multicultural audiences. I am pleased that our employees are protected and will continue their work under new ownership — disentangled from the legal campaign against the company. We could not have picked an acquirer more devoted to vibrant journalism.”
Recode reports that Mark Patricof, the Houlihan Lokey banker who represented Gawker Media, confirmed the sale price.
“The outcome exceeded our expectations. Both parties put in an awful lot of work, and Ziff Davis deserves credit for their effort,” Patricof said. “But ultimately Univision prevailed, and both sides are happy with the outcome.”
