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Gawker Media announces purchase agreement with Ziff Davis

Gawker Media Group has announced a purchase agreement with Ziff Davis.

Gawker Media Group has entered into an asset purchase agreement to sell seven media brands and other assets to Ziff Davis, a global digital media company which operates in the technology, gaming and lifestyle categories and is a subsidiary of j2 Global, Inc.

Nick Dentom, Gawker Media Groups founder, said: "We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media. A combination would marry Ziff Davis strength in e-commerce, licensing and video with GMG's premium media brands."

In order to offer the business, or rather media brands, free and clear of legal liabilities, Gawker has filed for chapter 11 protection from creditors which means if you freelanced or sold work to them, you won't get paid, sucks for you.

The sale will be conducted through a bankruptcy court supervised auction, and Gawker may still be hoping other bidder will offer a higher price for the property. Keep dreaming, kids.

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Ajt's picture

Am I wrong in thinking that any sale agreement with Gawker is essentially worthless, since at this point it is the Federal Judge who will be the ultimate decider on a sale? Really all the public statements and agreements mean is that Ziff-Davis has preferred a bid, and Denton likes that offer.

I'm still scratching my head trying to figure out how Denton avoids getting slammed by the court, if not jailed by one or both courts regarding his bankruptcy filing? He signed a sworn filing to the Federal Court that Terry Bollea is an unsecured creditor in an unresolved manner. But he submitted this after the Florida court had passed down a final judgement, and that judgement had clearly and unambiguously specified Bollea was a Securred creditor, and it outlined the required mechanisms of security (which the Chapter 11 filing have diminished and devalued.) that secured creditor specification was put in place to deliberately address Dention's plea to postpone immediate enforcement of the judgement and the need to post $50 million in cash bond. It has a bit of a stench of fraud before one or both courts about it.

Perry de Havilland's picture

Article should read: Ziff-Davis says "we hate money" & flush $100 million down toilet buying poison brand "Gawker" :D