Gawker was sued again in May 2016 by the same lawyer who brought the Hogan case on behalf of a man who claims to have invented e-mail. A search of federal bankruptcy records shows that the company has not yet filed. Last year, it saw $48.7 million in revenue, according to information made public at trial.Ī filing of Chapter 11 bankruptcy would have the immediate effect of shielding the company from its creditors, including Hogan and his attorneys. The company generated a profit of $6.5 million on $44.3 million in revenue in 2014. Advertisementįurther Reading Man who claims to have invented e-mail sues Gawker for $35M in libel suitLast year, some of the company's financial details were disclosed as it sought outside investment before the then-upcoming trial. Weeks ago, it came out that Peter Thiel, a billionaire investor, was bankrolling the Hulk Hogan defamation lawsuit and seemingly sought revenge over being " outed" as "totally gay" a decade ago by Gawker's now-defunct Valleywag site.Īs Ars reported in April 2016, Gawker has already begun the process of appealing the $140 million verdict a jury ordered it to pay in March 2016 for publishing a sex tape of Terry Bollea, better known as former pro-wrestler Hulk Hogan. " is also now formally entertaining offers to buy the company and says it has a firm bid from publisher Ziff Davis to buy the entire operation for less than $100 million," Recode reported. ORIGINAL: Gawker Media is set to formally declare bankruptcy, and owner Nick Denton plans to put the company up for auction, according to numerous media outlets. Ryan Mac, a reporter at Forbes, provided Ars with a three-page statement from Gawker, that we have published in full, here. In that document, owner Nick Denton estimates the company's assets at $50 million to $100 million, and liabilities at $100 million to $500 million. (We’ve heard that the advance was $400,000.) It’s scheduled for release this winter.Further Reading Gawker begins appeal of $140M Hulk Hogan sex-tape verdict UPDATE 3:00pm ET: The Verge located and published Gawker's federal Chapter 11 bankruptcy protection filing, which we have mirrored here. The currently untitled book was acquired by Portfolio’s Niki Papadopoulos for what the publisher said is a “significant” sum. “How did a media company that purports to do investigative journalism miss a conspiracy aimed against it? How did a case that everyone was convinced wouldn’t stand up in court, that was obviously protected by the First Amendment, last through multiple judges and ultimately make it all the way to a verdict? How did Thiel think he would not eventually be discovered and not anticipate the backlash?” “The question is how did this happen?” Holiday said. While a number of journalists ( including me) have written about the troubling implications of a billionaire secretly funding a lawsuit against his enemies in the press, Holiday told me that it’s a mistake to focus on “whether this should have happened or not.” Ultimately, Holiday said the book will be based on “dozens of hours” of interviews with Thiel, Denton, Hogan, AJ Daulerio (who published the Hogan footage on Gawker), Hogan’s attorney Charles Harder and others, as well as on the time he’s spent poring over 25,000 pages of legal filings. So how did Holiday end up writing about Gawker and Hogan? He said PayPal founder/venture capitalist Peter Thiel (he helped to fund Hogan’s lawsuit) and Gawker founder Nick Denton both sent him unsolicited emails at the end of last year. His first book, Trust Me I’m Lying focused on his career doing publicity and marketing for American Apparel and Tucker Max, while more recent titles like Ego Is The Enemy and The Daily Stoic examine how to apply the philosophy of stoicism to modern life and business. The book will be written by media columnist and author Ryan Holiday. At the same time, the lawsuit had real consequences, with Gawker ultimately declaring bankruptcy, selling to Univision and shutting down operations on its flagship Gawker website. The case, in which Hogan sued Gawker for publishing a sex tape involving him and the wife of his then-best friend, could often seem farcical - part of Hogan/Bolea’s testimony involved the difference between Bolea’s and Hogan’s penis size. Penguin’s business-focused imprint Portfolio plans to publish a book recounting the legal dispute between Gawker Media and wrestler Hulk Hogan (whose real name is Terry Bolea).
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