Univision Holdings won a bankruptcy auction Tuesday to acquire US digital media pioneer Gawker Media, outbidding media company Ziff Davis.
Univision won the court-administered auction with a US$135 million bid, trumping Ziff Davis which made an initial offer of US$90 million, Reuters reports.
The Spanish-language broadcaster was the only challenger to Ziff Davis, whose stalking horse bid had set the floor for others in the auction, the report said.
Gawker founder Nick Denton said in a statement that the company “could not have picked an acquirer more devoted to vibrant journalism.”
“I am pleased that our employees are protected and will continue their work under new ownership – disentangled from the legal campaign against the company,” he said.
Ziff Davis decided to withdraw once it felt the price and terms exceeded its threshold, according to the report.
Gawker sought bankruptcy in June after facing a US$140 million court judgment following an invasion of privacy lawsuit from former professional wrestler Hulk Hogan over the publication of excerpts from a sex tape.
Denton filed for personal bankruptcy this month to also seek protection from the judgment. Following the takeover by Univision, his future at Gawker is ncertain.
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