The sale has already been approved by the federal bankruptcy judge Stuart Bernstein and is within the 14-day window of appeal phase wherein the unsecured creditors, such as Hogan, can appeal the sale, post which, the secured creditors like the Silicon Valley Bank, will be paid out immediately, followed by the lawyers, bankers handling the sale, “priority claims” (such as corporate taxes), and then finally, the long list of unsecured creditors of which: Terry Bollea, being the largest. They didn’t want Hogan to collect the money, and this led to Hogan reaching to a place, where it now had to negotiate a settlement. That’s also one of the main reasons why Gawker filed for bankruptcy in the first place. Terry Bollea, who had sued Gawker Media violation of his privacy as they had published a clip of a sex tape featuring Hogan. The sale is the direct result of Gawker’s defeat in a lawsuit against Wrestler Hulk Hogan a.k.a. Hence, going ahead – with the help of these newly acquired digital-first media assets, FMG will keenly be focusing on catering to USA’s diverse youth with their digital-first brands. Additionally, it will further extend their content offerings across the verticals of Gawker, as well. Post the completion of this strategic acquisition, with the help of Gawker’s nearly 50 million readers per month, FMG is expecting its digital reach to rise to nearly 75 million unique visitors, or 96 million unique visitors when including its extended network. The deal will also allow most employees to keep their jobs, but the founder of the company Nick Denton, will be removed. These assets are going to be integrated into Fusion Media Group (FMG), which is UCI’s division that serves the young, diverse audiences in America. The deal will be accounted as an asset purchase which includes the following platforms: Gizmodo (Gadget and technology lifestyle), Jalopnik (Cars and automotive culture), Jezebel (Celebrity, Sex, Fashion for women), Deadspin (Sports), Lifehacker (Productivity tips) and Kotaku (Video games and East Asian pop culture), but not its flagship site, which will be ceasing its operations soon because they have not been able to find a buyer for it. Univision Communications Inc (UCI) today announced that it had entered into an agreement to acquire Gawker Media Group, as part of its bankruptcy proceedings.

Gawker sued by insurance