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Peter Thiel Wins: Gawker Is Toast, Officially Files For Chapter 11 Bankruptcy

by Graham Gremore June 10, 2016

peter-thiel

Goodbye, Gawker, and we have a now openly gay billionaire to thank for its demise.

The media company just filed for Chapter 11 bankruptcy in the wake of the $140 million lawsuit it lost to Hulk Hogan, who sued the company for invasion of privacy after it leaked his sex tape in 2012.

Shortly after the verdict, it was revealed that openly gay Silicon Valley billionaire Peter Thiel had personally financed Hogan’s lawsuit in an act of revenge against the company for trying to out him back in 2007. (Talk about an angry queen with a grudge.)

Related: Gay Billionaire Peter Thiel And Hulk Hogan Reportedly Tag Teamed Gawker

In a statement released this afternoon, Gawker announced it had reached an asset purchase agreement with the media company Ziff Davis. The agreement is reported to be somewhere between $90 to $100 million. The deal is not yet set in stone, however, so other bidders are welcome to offer a higher price in an auction supervised by a bankruptcy court. We are eager and hopeful Gawker has a second act.

Gawker already sold a minority stake to the investment company Columbus Nova Technology Partners back in January in an effort to raise money to defend against the lawsuit that would have been impossible without Thiel’s backing.

Related: 5 Reasons Peter Thiel’s Gawker Vendetta Is So Dangerous

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Graham Gremore
Graham Gremore

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