![]() ![]() an insurance policy in case Gawker loses the suit. It’s not clear how much the funding is intended to cover legal fees vs. Hogan, whose real name is Terry Gene Bollea, has filed a $100 million privacy lawsuit against Gawker over a sex tape that the company’s flagship gossip site published in 2012. Gawker declined to comment further, but the fundraising process has “reached an advanced stage,” according to The Wall Street Journal. Until now, Gawker Media has been funding the Hulk Hogan legal expenses from general revenues and given the expenses of continuing to defend our First Amendment rights, the management of Gawker Media has concluded that additional financing should be locked in before the trial begins. Gawker Media is the most heavily trafficked digital media company that has not raised institutional funding and continues to grow at double-digit rates, with significant untapped opportunity across its seven core brands. With the Hulk Hogan trial beginning in early March, Gawker Media is fortifying its finances to ensure full resources are in place for the continued cost of litigation. When we reached out to Gawker founder Nick Denton (pictured at left in the photo above) the company sent us this statement: We’ve confirmed the news with a source of our own, but it turns out we didn’t need to. The Thiel-backed litigation included Hulk Hogan’s invasion-of-privacy lawsuit against Gawker over a video the site posted showing the wrestler having sex with his ex-friend’s wife a jury awarded Hogan $140 million in damages in the case.Gawker Media is raising outside funding, and for a specific purpose - it says it’s getting ready for its legal battle with Hulk Hogan.Īs first reported in the International Business Times, the company has called for an “extraordinary general meeting” of shareholders on Thursday, where it will discuss changing its capital structure to accommodate new financing. (Univision sold those sites, known as Gizmodo Media Group, along with The Onion to a private-equity backed G/O Media.) Thiel, co-founder of PayPal, had been angry about an old Gawker story that reported he is gay. In 2016, Nick Denton’s Gawker Media filed for bankruptcy and sell six of its websites to Univision Communications for $135 million - excluding - after it lost lawsuits funded by Silicon Valley billionaire Peter Thiel. The New York-based company’s portfolio comprises a range of lifestyle brands including Bustle, Nylon, The Zoe Report, Elite Daily, Mic, Inverse, Fatherly and Scary Mommy. We try to have fun.”īDG, founded in 2013, has made a series of roll-up acquisitions of smaller digital media outlets. Gawker abhors the sanctimonious, the indignant, the self-righteous and the needlessly cruel. We train our eye on worthy targets with skepticism and ire. On its own site, BDG describes Gawker like this: “We are irreverent, iconoclastic, new, and strange, and we seek to raise questions about the structure of the world around us. “Today’s latest round of layoffs, and the closure of Gawker, came after more than two years of attempting to bargain a first contract with BDG, and on the heels of more recent bargaining dates being outright canceled by the company,” WGAE said in a statement, adding that it will “continue to press for a contract that both protects our workers’ rights and guarantees a severance that acknowledges their labor and the worth they create for their company.”īDG had intended to relaunch in 2019 but Goldberg suspended those plans and laid off the staff he had hired after reported clashes among employees. The Writers Guild of America, East (WGAE) said it was “appalled by BDG’s decision to lay off nearly 40 of our unit members.” The union noted that it’s the third round of layoffs at BDG over the last six months, which have “effectively led to halving the original unit from 200 workers to just above 100 workers.” It’s a business decision, and one that, reluctantly, must be made.”Ī BDG spokesperson declined to provide further info, including how many employees will be losing their jobs because of the move.Īmong the last stories published on Gawker were “Andrea Riseborough Guilty of Being a Good Actor With Friends Who Appreciate Her” “Robert Zemeckis: I Love Using the Computer to Make Tom Hanks Look Insane” “Why Is Taylor Swift Always Showing Feet?” “The Best and Worst Media TikTok Accounts” and “Surprising No One, George Santos Is a Disney Adult.” But in this new reality, we have to prioritize our better-monetized sites. In a memo sent to company staffers Wednesday, Goldberg wrote, “Gawker published a lot of brilliant pieces in these nearly two years. I had an absolute blast, and I love you.” “Can’t say enough about how proud I am of the site and all the brilliant people who worked to create it, and what a staggering shame this is. “Well, after an incredible 1.5 years, BDG has decided it is done with Gawker 2.0,” she tweeted. ![]()
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