Post by cjm on Jun 11, 2016 9:00:22 GMT
www.nytimes.com/2016/06/11/business/media/gawker-bankruptcy-sale.html
Gawker Media, the irreverent company that pioneered the wry tone and take-no-prisoners approach that came to embody a certain style of web journalism, put itself up for sale on Friday in an acknowledgment that its future as an independent news organization was in doubt.
Gawker said it had filed for Chapter 11 bankruptcy and would conduct a sale through an auction. The company is under significant financial pressure from a $140 million legal judgment in an invasion-of-privacy lawsuit by the former wrestler Hulk Hogan and facing a determined foe in the Silicon Valley billionaire Peter Thiel, who is funding legal cases against it.
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Gawker Media, the irreverent company that pioneered the wry tone and take-no-prisoners approach that came to embody a certain style of web journalism, put itself up for sale on Friday in an acknowledgment that its future as an independent news organization was in doubt.
Gawker said it had filed for Chapter 11 bankruptcy and would conduct a sale through an auction. The company is under significant financial pressure from a $140 million legal judgment in an invasion-of-privacy lawsuit by the former wrestler Hulk Hogan and facing a determined foe in the Silicon Valley billionaire Peter Thiel, who is funding legal cases against it.
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