„Gawker files for bankruptcy and says it will sell the company“ (UPDATES)

Gepostet vor 8 Monaten, 17 Tagen in #Misc #Blogs #Business #Gawker #Legal #Media

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Gawker hat Gläubigerschutz beantragt, um der Strafzahlung im Hulk Hogan-Fall zu entgehen. Gleichzeitig ziehen sie wohl einen Deal zum Verkauf fest, man munkelt, Ziff Davis (u.a. Geek.com, IGN, PC Magazine) würde den Laden übernehmen.
And that was that.

gawker

Gawker Media has filed for bankruptcy protection and says it eventually plans to find a new owner for the company. Gawker and owner Nick Denton are making the Chapter 11 filing today, in order to avoid paying Thiel and Hulk Hogan the $140 million judgment they won in Hogan’s privacy trial earlier this year.

Gawker has told it employees it still plans to fight the Thiel/Hogan case and to operate its publishing business while it does so. But it 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.

io9 würde ich ja kaufen, das geht bei der nun garantiert kommenden Konsolidierung eh drauf und mit ein bisschen weniger Bullshit ist das ein brauchbares Blog. Toyland nehme ich auch, genauso wie Antiviral. Den Rest könn’se behalten.

[update 19:56h] Voluntary Petition for Non-Individuals Filing for Bankruptcy“ (PDF)

gggwk

Memo: Here’s what Ziff Davis has to say about its plans to buy Gawker Media

Ziff Davis has entered into an asset purchase agreement to acquire all of these properties (free of GMG's liabilities), subject to the outcome of a Court-supervised auction. Under the Chapter 11 process, the Bankruptcy Court will soon set a schedule for other potential bidders to enter the sale process. There will then be an auction, which will likely take place at the end of July.

In the event we become the acquirer, the additions of Gizmodo, Lifehacker and Kotaku would fortify our position in consumer tech and gaming. With the addition of Jalopnik, Deadspin and Jezebel, we would broaden our position as a lifestyle publisher. Much like us, GMG is heavily active in driving commerce-based revenues and has an impressive publishing and commerce platform with Kinja.

[update 20:04h] I'll miss their style, actually. (Post went up few minutes ago after the news broke.)

[update 21:54] Offizielle Postings auf den Gawker-Blogs:

Kotaku: A Note To Readers: „At some point this year, we and the rest of the sites at our company will be doing what we do under a new owner. That’s a ways off. For now, you can expect us to proceed with business as usual.“

Gizmodo: Gizmodo Isn't Going Anywhere: „If you had any doubt: Gizmodo and io9 are still here, we’re still thriving, and we’re still going to be delivering the best technology, science, and entertainment coverage you know and love us for.“

Deadspin: A Note To Our Readers: „The main thing to realize is that this is the sort of bankruptcy in which a company continues normal operations while restructuring itself, and while the highers-up do the restructuring, we’ll focus on the normal operations part. In the long run, we’re all dead; until then, we’ll be doing the sort of thing we usually do, and you can do so too.“

Lifehacker with the same, nothing from Jalopnik yet. Here's the mothership:

Gawker: Gawker Media Is Filing For Chapter 11 Bankruptcy, Will Be Put Up For Sale:

Gawker Media’s parent company, Gawker Media Group, explained the decision to sell in a statement distributed on Friday:

The sale and filing are intended to preserve the value of GMG’s pioneering digital news business, safeguard the jobs of journalists and other staff, and allow GMG to fund the appeal against the $130 million judgment in the Hulk Hogan case against the company in a Florida state court.

In the same statement, CEO Nick Denton said:

Authentic writing, whether it takes the form of honest reviews of technology, video games and entertainment, or revelations about the way the system works, is more important than ever. We have been forced by this litigation to give up our longstanding independence, but our writers remain committed to telling the true stories that underpin credibility with our millions of readers. With stronger backing and disentangled from litigation, they can perform their vital work on more platforms and in different forms.

[update 00:25] Gawker Press Release:

Gawker Media Group Announces Purchase Agreement with Ziff Davis

Bankruptcy Auction Process Begins

NEW YORK – June 10, 2016 – Gawker Media Group ("GMG") has entered into an asset purchase agreement to sell its 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 Denton, GMG’s 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 free and clear of legal liabilities and maximize value for all stakeholders, GMG subsidiary GM LLC has filed for Chapter 11 protection from creditors. The sale will be conducted through a bankruptcy court supervised auction, in which other bidders may offer a higher price for the company. GMG is being advised by Mark Patricof of Houlihan Lokey.

During the sale process, GMG will maintain normal operations, publishing news and opinion on technology, politics and other interests to its 6 million readers each weekday, and providing advertisers with access to this desirable audience.

The sale and filing are intended to preserve the value of GMG’s pioneering digital news business, safeguard the jobs of journalists and other staff, and allow GMG to fund the appeal against the $130 million judgment in the Hulk Hogan case against the company in a Florida state court.

Gawker Media Group is putting its properties up for sale after a coordinated barrage of lawsuits intended to put the company out of business and deter its writers from offering critical coverage.

The protection afforded by the bankruptcy filing will allow GMG to exercise its rights to due process. The company is confident it will ultimately prevail in the Hogan lawsuit, but was not able today to obtain from the trial court even a brief stay without onerous conditions to seek relief from the appeals court.

With a distinctive commitment to journalism as an honest conversation between writers and readers, GMG is the only interactive media group to have achieved scale and profitability without outside capital. The company is a leader in online commerce, native advertising and online discussion software, but the driving force is its distinctive editorial mission.

Writer for writer, GMG has broken more important and interesting stories than any other digital news venture.

Gizmodo, the company’s technology flagship, has energized the debate about Facebook’s control of the news, for example. Deadspin, which provides sports news without access, has exposed the cover-up by the NFL of domestic abuse allegations against players. Lifehacker is the smartest how-to site on the web. Jezebel has defined modern feminist thinking. Jalopnik and Kotaku are among the web’s leading sources for news and reviews of cars and video games. And the flagship site itself has shone light on powerful figures from Donald Trump and Hillary Clinton to the new industrialists and investors of Silicon Valley.

"Authentic writing, whether it takes the form of honest reviews of technology, video games and entertainment, or revelations about the way the system works, is more important than ever," says Nick Denton, the founder of GMG. "We have been forced by this litigation to give up our longstanding independence, but our writers remain committed to telling the true stories that underpin credibility with our millions of readers. With stronger backing and disentangled from litigation, they can perform their vital work on more platforms and in different forms."

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