Gawker Media will soon be under Univision’s control.
A $135 million bid by the primarily Spanish-language broadcast company was agreed to between the two parties on Tuesday. The deal, which must be approved by a bankruptcy judge, saves the company from financial losses stemming from its lawsuit with professional-wrestling star Hulk Hogan, whose real name is Terry Bollea.
A Florida jury awarded Mr. Bollea $140 million in March for Gawker’s decision to publish a private sex tape of the wrestler in 2012. The outcome and failed appeals forced the company to file for bankruptcy June 10.
“Gawker Media Group has agreed this evening to sell our business and popular brands to Univision, one of America’s largest media companies that is rapidly assembling the leading digital media group for millennial and multicultural audiences,” Gawker founder Nick Denton said an email, CNN Money reported.
“I am pleased that our employees are protected and will continue their work under new ownership — disentangled from the legal campaign against the company. We could not have picked an acquirer more devoted to vibrant journalism.”
• Douglas Ernst can be reached at dernst@washingtontimes.com.
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