Share

Gawker.com to close down subsequent week

Hulk Hogan vs. Gawker: A timeline

Gawker.com, a flagship site of Gawker Media that typified a company’s vehement and unapologetic code of journalism, will be close down subsequent week.

The growth comes days after Univision concluded to buy Gawker Media, a pioneering digital news startup founded by Nick Denton, for $135 million. Univision’s merger strictly enclosed all 7 of Gawker Media’s brands — including Jezebel, Gizmodo and Deadspin, among others.

News of a shutdown was initial reported, naturally, on Gawker.com.

The Univision sale was authorized Thursday by a decider presiding over a Gawker Media bankruptcy. Shortly after a decider sealed off on a deal, Denton sent a memo to staff addressing both Univision’s merger and a devise to shiver Gawker.com.

“Sadly, conjunction we nor Gawker.com, a buccaneering flagship of a organisation we built with my colleagues, are entrance along for this subsequent stage,” Denton said. “Desirable yet a other properties are, we have not been means to find a singular media association or financier peaceful also to take on Gawker.com.”

Later in a memo, Denton pronounced a site had been “mothballed, until a fume clears and a new owners can be found.”

“Gawker.com may, like Spy Magazine in a day, have a second act,” he wrote in a memo.

For now, Denton added, a site “will live on in legend.”

It represents an sudden finish for a site that helped conclude a snarky tinge and character that are now entire opposite digital media. The site also served as a springboard for some of a internet’s best-known writers and editors.

But Gawker.com had a critics, many of whom are expected celebrating Thursday’s news. The site’s generous coverage stirred several lawsuits, including a one brought by a former veteran wrestler Hulk Hogan that sent a primogenitor association into bankruptcy.

Hogan, whose genuine name is Terry Bollea, filed an advance of remoteness fit opposite Gawker Media after a namesake site published a apportionment of his sex fasten in 2012. A Florida jury awarded Hogan $140.1 million in indemnification progressing this year, that encouraged both Gawker Media and Denton to record for failure this summer.

Hogan’s lawsuit was financed by Silicon Valley billionaire Peter Thiel, himself a aim of Gawker’s coverage. Thiel, who has concurred that he’s bankrolling other lawsuits opposite Gawker Media, pronounced in a New York Times op-ed progressing this week that he will support Hogan “until his final victory.”

Gawker is appealing a Hogan verdict, though Denton pronounced in his memo that even if a appellate justice manners in a favor, “Peter Thiel has already achieved many of his objectives.”

Denton pronounced Thiel’s debate opposite Gawker Media done a flagship side “too risky” for Univision or other impending investors.

“I can know a caution,” he said.

Denton sensitive staffers of a site’s predestine during a assembly early Thursday afternoon during Gawker’s domicile in Manhattan, dual hours before a conference to sanction Univision’s merger and a day after he reliable that he would be withdrawal a association following a sale.

In his memo, Denton pronounced he will “move on to other projects,” though he will stay “out of a news and report business.”

But by a time a assembly was called, employees had quiescent themselves to a existence that Gawker.com’s days were numbered.

“We’re all handling underneath a arrogance that they’re shutting it down,” one staffer told CNNMoney, only before streamer into a meeting.

Employees of Gawker.com have been told they will all have jobs, a staffer said. Those jobs could be during Univision after a sale strictly goes through; in a near-term, they will expected be given jobs during other Gawker Media sites.

Article source: http://rss.cnn.com/~r/rss/edition_business/~3/iWc3Q0rQBho/index.html