Gawker Media LLC, which owns titles like Jalopnik, Deadspin and Jezbel, filed for Chapter 11 bankruptcy protection on Friday, following a $140 million judgment in the Hulk Hogan lawsuit, which was secretly financed by Silicon Valley venture capitalist, Peter Thiel.
The media company will not dissolve though, but will continue operations as usual, as shortly after filing for bankruptcy, Gawker issued a press release saying that they?re entering into an asset purchase agreement with American publisher and internet company, Ziff Davis, which owns IGN, Geek, Ookla and PC Magazine, among others.
?We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media. A combination would marry Ziff Davis? strength in e-commerce, licensing and video with GMG?s premium media brands," Gawker Media founder Nick Denton said in a statement.