Gawker Bought by Bustle- Bryan Goldberg
Gawker.com was purchased at a bankruptcy auction by Bryan Goldberg, the CEO of Bustle and co-founder of Elite Daily.
Gawker was forced to file for bankruptcy after losing a lawsuit to Wrestler Hulk Hogan (Terry Bollea) for leaking a sex tape of him and Heather Clem, the wife of shock jock Bubba the Love Sponge. Apparently, Bubba the Love Sponge and Heather are swingers.
The lawsuit resulted in a $140 million dollar judgment in favor of Bollea, however, it was reduced to $31 million, but that was still enough to force Gawker to file for a Chapter 11 Bankruptcy.
Opening bids for Gawker.com started at $1.13 million, but the final price is unknown at this time. Gawker did sell its other assets to Univision for $135 million. Other Gawker media includes Lifehacker, Deadspin, Gizmodo, Jezebel, Kotaku, Jalopnik.
The twist and turns of Gawker read like like a novel.
In 2007, Gawker published that Peter Thiel is gay. Thiel is the co-founder of Paypal. Seeking revenge, he secretly funded Bollea’s lawsuit. There were rumors that Thiel was also interested in buying Gawker.
Gawker is expected to relaunch in 2019 after having to file bankruptcy due to the Hulk Hogan lawsuit.
Governer Rick Scott signed into law S.B. 220 which allows documents pertaining to bankruptcy to be used as evidence in foreclosure cases in state court.
Multiple media outlets are reporting that the Weinstein Company will be filing for bankruptcy after being unable to obtain financing.
Alexander Hernandez is a practicing attorney since 1999 who enjoys blogging about politics when he is not riding his motorcycles or playing golf. He is also an Amazon best selling author.