![]() If Ziff is outbid, the winner must pay $2.47 million to Ziff and reimburse as much as $1.25 million in expenses, reports the Chicago Tribune.Ī follow-up hearing is scheduled for Thursday afternoon (August 18) to discuss the bidding results and formalize Gawker’s sale. Publisher Ziff Davis offered $90 million for Gawker in pre-auction talks to set the market rate for other buyers. However, Reuters reports that only Univision joined “stalking horse” bidder Ziff Davis as a potential buyer. In previous court hearings, Gawker’s attorneys boasted about strong interest in the company. on Monday and the formal auction was scheduled for Tuesday. Judge Stuart Bernstein authorized the proceedings with a notice of the “proposed sale of substantially all of the debtors’s assets free and clear of liens, rights, interests, and encumbrances.”īids were to be submitted by 5:00 p.m. – Gawker’s bankruptcy auction began on Monday in New York Bankruptcy court. Once the bankruptcy process is over, the legal matter shifts back to Florida court, where Gawker is appealing the $140 million judgment in favor of Hulk Hogan against the company, including individuals Nick Denton and A.J. The latest court hearing is scheduled for Thursday afternoon to finalize the sale. The bankruptcy sale includes Univision having to pay about $3.5 million to Ziff Davis for their role as the “stalking horse” bidder. However, the proceedings outlined by the court were that bidders had to agree to acquire all of Gawker’s assets. Other companies showed interest in the auction, but only if they could buy individual assets, such as Gawker’s off-shoot websites. ![]() Univision has reportedly agreed to pay $135 million to buy the company’s assets and websites. Univision and Ziff Davis, who originally bid $90 million to set the market, were the only two bidders. – Tuesday Update: Univision has reportedly emerged as the buyer of Gawker in this week’s New York Bankruptcy court auction. SPOTLIGHTED PODCAST ALERT (YOUR ARTICLE BEGINS A FEW INCHES DOWN).
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