#Gawker files for bankruptcy full#
#Gawker files for bankruptcy trial#

#Gawker files for bankruptcy trial#

The trial highlighted the tension between the right to privacy and the freedom of the press, and tested the limits of online press freedom. Hogan was the first witness to testify in his lawsuit against Gawker, telling the jury that he was “completely humiliated” by the the video going public, and that he was unaware that the encounter was being filmed.

Gawker was forced to file for bankruptcy as a result of the jury ruling. 2016: Gawker & Hogan Reach SettlementĪfter four years of litigation, Gawker and Hogan reached a settlement, in which Hogan was to receive $31 million in cash and a share of the proceeds of Gawker’s sale. A spokesperson for Thiel declined to comment.Nov. Some of those who were contacted suspected that Thiel was behind the effort. That individual said he was representing a Silicon Valley billionaire who was interested in taking over Gawker. It also called the lawsuits funded by Thiel 'a coordinated barrage.'įORBES also reported that earlier this year a New York M&A lawyer contacted multiple former Gawker employees. ' During the sale process, will maintain normal operations, publishing news and opinion on technology, politics and other interests to its 6 million readers each weekday, and providing advertisers with access to this desirable audience,' the company said in a statement. It was reported earlier that Univision was looking to invest or possibly buy the company outright. It's unclear what other buyers will come in for Gawker, though last month at a conference in Los Angeles, Denton was seen meeting with a senior vice president at Univision. He also added that 2016 will also likely end up in the red due to legal fees. Denton said that the company has spent about $10 million in defending itself against the Hogan case alone. The company ended 2015 at breakeven on $50 million in revenue, and would have been profitable if not for legal fees. Last month, Denton told FORBES that the company did not have the money to cover the judgment from the Hogan case.

That person also said there are other potential bidders who will likely make offers in the coming months for the company. A person close to the company said that the filing allows the company to delay claims from any creditors and court judgments, giving Gawker time to restructure and hold off on paying Hogan and his lawyers. Gawker filed for bankruptcy on Friday following the judge's refusal to grant a stay. One of those lawsuits included a second on behalf of Hogan, who alleged extortion surrounding the publication of his sex tape. In May, FORBES discovered that Thiel had been bankrolling Hogan's lawyers, who had filed at least three other lawsuits against Gawker since the beginning of the year. This March, following a two-week trial, a jury awarded Hogan $115 million, an amount that was bolstered by an additional $25 million for punitive damages. In January, Gawker sold a minority stake to Russian billionaire Viktor Vekselberg and his Columbus Nova Technology Partners in anticipation for the lawsuit from Hogan, whose real name is Terry Bollea.

#Gawker files for bankruptcy full#

The Chapter 11 filing should have little immediate impact on the company's current operations though it adds another twist to a saga that has been full of them. 'Our sites will thrive-under new ownership-and we'll win in court.'Ī spokesperson for Thiel declined to comment.

'Even with his billions, Thiel will not silence our writers,' Denton tweeted.