Univision Communications outbid Ziff Davis for Gawker Media, the once rebellious online news operation driven into bankruptcy after losing a lawsuit over a sex tape featuring wrestler Hulk Hogan.
Univision offered $135 million, topping Ziff’s initial $90 billion, according to Recode.
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"The outcome exceed our expectations. Both parties put in an awful lot of work, and Ziff Davis deserves credit for their effort," said Mark Patricof, the Houlihan Lokey banker who represented Gawker Media told Recode."But ultimately Univision prevailed, and both sides are happy with the outcome."
A Univision spokesperson had no comment, but one person familiar with the process acknowledged that the bidding had been completed and that Univision expected to be able to complete a transaction after its is approved by the court on August 18.
Gawker would join The Onion and the Root among Univision’s recently acquired digital property. It also agreed to buy out the Walt Disney Co.’s interest in Fusion.
