Gawker, Filing for Bankruptcy After Hulk Hogan Suit, Is for Sale


#1

NY Times:

Gawker, Filing for Bankruptcy After Hulk Hogan Suit, Is for Sale

“It really was an incredibly bad year,” said Hamilton Nolan, a writer who has worked at Gawker for eight years. “I think they’ll study this in journalism schools one day as being the single worst year in media company history.”In Gawker’s new offices in Manhattan on Friday, the mood was somber. Around noon, Mr. Denton and Heather Dietrick, the company’s president and general counsel, held a meeting to inform employees of the company’s plans and provide reassurance that Gawker would operate as usual during the sale process.
“They emphasized that the future is uncertain, but for now we’re going to keep doing what we do, and that was useful for people to hear,” said Alex Pareene, the editor in chief of Gawker.

Employees said that few people had known before the meeting of the company’s decision to file for bankruptcy. A keg of beer was brought in and pizzas were ordered.
“It was not a raucous or even particularly depressing affair,” Mr. Pareene said. “We’ve had more depressing meetings and we’ve had more argumentative meetings.”
Gawker’s sites published posts assuring readers they were not going anywhere.
Filing for Chapter 11 stays claims from creditors, including court judgments — meaning Gawker will not need to begin paying the $140 million that was awarded in March to Mr. Bollea.

It also allows companies more time and more control as they reorganize themselves. In its bankruptcy filing, Gawker listed $50 million to $100 million in assets and $100 million to $500 million in liabilities. The company still plans to appeal the case.
Also on Friday, a judge in Pinellas County Circuit Court in Florida granted Gawker’s request for a stay of the judgment against it in the lawsuit, pending an appeal. That decision essentially became redundant once Gawker filed for bankruptcy.


#2

I expected them to do this, since it seems like a very Gawker thing to do. They made a lot of money as a gossip rag that pretended to be legitimate journalism when it suited them (and an opinion blog when it didn’t) and never cared about the effects of their stories, so long as it got them clicks.

So I sort of expected them to do something to get out of paying.


#3

I figure they deserved some sort of judgement against them. But tens of millions? Not really.

I sometimes see the courts as just making things ridiculous. So that justice looks like a game that’s played for high stakes. What they did was a bit screwy. But that should’ve cost them 1 or 2 million max.

I don’t know. Numbers that high just look sort of blurry from down here.

From the spot where a $5 tip is huge.


#4

As far as I am concerned, Gawker (and its acolytes Jezebel and Kotaku) should be consigned to the trash can of history. Yellow journalism at its worst. :stuck_out_tongue:


#5

Yeah. It’s hard to really cry about them maybe going under. They sort of serve the wrong side of our minds.

I just wish it hadn’t taken so much to tip them over.


#6

I have never heard of any of those before. I was only aware of Gawker reading about Hulk’s lawsuit. I am glad he had a good lawyer. I don’t know how they determine the amount to sue for.


#7

I’m with Peter Thiel: backing Hogan against Gawker was a philanthropic act. One less misanthrope, in the fullest extent of the word, on the face of the earth.


#8

That’s true, but in these days, excess seems to be one of the few things that “works”. :o


#9

I have never understood why anyone would have even wanted to publish such a video in the first place…1. Hulk Hogan is old news, his ‘glory days’ are long gone, 2. he is what, around 70 yrs old.???

I can understand why tabloid rags would seek sex tapes or similar stuff from younger celebs, but for senior citizens…? Idk I highly doubt many of their followers would desire to see such a thing.

Something else Ive learned about judgements, it is up to the winner to actually find and collect the money, which can be much tougher than the court case from what Ive been told.


#10

good point! I don’t know how old his partner is in the video, but he is a senior citizen!


#11

Maybe Sylvester Stallone (Rocky) can fund Gawker so he can finally defeat Hulk Hogan (Thunderlips).


#12

Funny! :smiley:


#13

I’m sure it’s just a coincidence that Gawker and its properties have been publishing critical stories about Thiel and other Silicon Valley billionaires for over a decade. I’m sure this won’t have any chilling effect on the media.


#14

I do hope that it does. The world would be a better place with chilled tabloids who think that people do not have a right to their reputation.


#15

This is just of so many of these tabloids and shows.

What I don’t understand is why did not the husband who set this whole thing up with his wife and /Hulk Hogan and then recorded these sex tapes not get charged also.

Hulk Hogan is not angry at his best friend who let this tape get out.:confused:


#16

He didn’t do anything criminal. Hogan knew he was being filmed. When the tape got out text messages between Bubba and Hogan showed that Hogan wasn’t worried about the sex but the racist tirade he went on that was also recorded. The lawsuit was an attempt to keep that part of the tape under wraps (it made its way out eventually in a court case and led to the WWE firing him).

Hogan did sue his friend. He settled the suit for $5000. That settlement and the privilege that resulted from it was one way to keep him from testifying at the Gawker trial.

Hopefully the case gets thrown out on appeal and Gawker Media gets left with a big chunk of change from the sale of the websites. Though of course Thiel is funding many other lawsuits against them so it will probably be death by a thousand cuts.


#17

Won’t someone think of Hulk Hogan’s reputation


#18

He can always make a comeback as a monster heel and threaten to sue Vince McMahon. Hey, the heel bit worked for him in 1996. :stuck_out_tongue:


#19

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