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Univision Wins Bidding for Gawker Media

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.

Related: Univision, L.A. Rams Strike Preseason Partnership

"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.

Related: Reversal of Fortune

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.

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.