Thursday, May 26, 2016

Gawker May Be Looking to Sell After Losing Hulk Hogan Case – Bloomberg

New York (AP) — The embattled online media firm Gawker Media has actually hired an investment banker to take into consideration its options, consisting of a feasible sale.

Two months ago, Gawker shed a $140 thousand invasion-of-personal privacy fulfill versus Hulk Hogan over a sex tape of the wrestler that the website posted online. It emerged this week that Silicon Valley billionaire Peter Thiel was behind the fulfill . He told The Brand-new York Times that he has actually bankrolled lawyers to mount situations versus Gawker due to the fact that among the company’s blogs, the now-defunct Valleywag, posted a tale in 2007 that pointed out he was gay. The firm likewise wrote various other articles that he pointed out he considered important of his pals and others.

Gawker pointed out Thursday that it expects to prevail in an appeal of the Hogan verdict and that it’s constantly pointed out it is exploring contingency plans. The firm would certainly not state once the banker, Mark Patricof of Houlihan Lokey, was hired, various other compared to to state “recently.” The Wall Street Diary and the Brand-new York information earlier showed that Gawker was thinking about a sale.

Gawker hasn’t pointed out whether it can afford to pay the $140 thousand verdict. Throughout the trial in Florida in March, Hogan’s lawyer pointed out Gawker Media’s gross revenue in 2015 was $48.7 million. Lawyers pointed out the firm was worth $83 million.

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