Peter Thiel has made a proposal to buy Gawker

Ceria Alfonso
Enero 13, 2018

Just days after former Gawker employees closed their failed crowdfunding campaign on Kickstarter, the former news website received a bit from billionaire, Peter Thiel, who reportedly caused its demise a couple years ago.

According to Reuters, Gawker is conducting an auction of its remaining assets, including its domain names and almost 200,000 archived articles.

Mr Thiel - Facebook's first major investor and a co-founder of payment service PayPal - has not explained his move. But any acquisition would let him take down stories regarding his personal life that are still available on the site and remove the scope for further litigation between him and Gawker.

Gawker's bankruptcy plan administrator Will Holden, of consulting firm Dacarba LLC, and the website's bankruptcy attorney Gregg Galardi, of law firm Ropes & Gray LLP, have tried to block Thiel's bid, according to court papers. He also argued Thiel is "not a "proper" purchaser" because he could end up as the target of litigation, according to court papers. The media outlet reported that Galardi asked US bankruptcy court judge in November to deny Thiel's request to bid and also argued Thiel is "not a "proper" purchaser" because he could end up as the target of litigation. Various reports confirmed that Thiel secretly financed the lawsuit that award Hogan more than $140 million, causing Gawker to go bankrupt.

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Multiple bidders have submitted offers, and it will be up to Holden to choose a victor, which he claims will happen by the end of the month. Holden will choose a victor as soon as this month, and then request approval for the deal from a US bankruptcy court judge, the sources said.

As previously reported, Gawker was forced to shut down after Hogan sued the website when it published porn video of the former WWE wrestler. If he excludes Mr Thiel's bid, the latter could ask the judge to consider it if it is higher than rival offers. The value of Thiel's bid is unknown, however insiders believe Gawker is only worth a few million dollars.

"We're a group of former Gawker Media employees across editorial, tech, and business, and we want to put in our own bid to buy it back". After failing to reach their goal, they returned the almost $90,000 they did collect.

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