Gawker Declares Bankruptcy Thanks To Hulk Hogan And Peter Thiel

Peter Thiel/Hulk Hogan have won and Thiel’s ultimate revenge has come to pass; Gawker Media has filed for bankruptcy protection.

The decision, if proven to be successful, will spare them from paying the $140 million they would have been obliged to pay Thiel and Hulk Hogan after losing that class-action lawsuit.

According to reports, Ziff Davis, the American publishing and digital media company, would like to purchase the company for $100 million. Nick Denton might not be happy about this bid, as it had been reported that “in advance of the Hogan trial, Denton figured his company was worth something in the $250 million to $300 million range.”

For our younger readers, Ziff Davis is a company, not a person.

Denton also made an appearance at last month’s Code Conference discussing the matter. If you wonder who the empty chair was for, it was meant for Peter Thiel.

By all accounts, it still appears that Gawker will still exist in some form in the years to come, and will possibly still try to appeal the court decision. But this tale of Machiavellian revenge sure gets us thinking about one thing.

As mentioned, this is all a powerful message about not toying with Peter Thiel, who had funded Hulk Hogan’s lawsuit of the media company after they posted excerpts of a sex tape involving Hogan and the wife of a family friend.

It’s less about revenge and more about specific deterrence,” Thiel said last month in an interview. “I saw Gawker pioneer a unique and incredibly damaging way of getting attention by bullying people even when there was no connection with the public interest.

Also, whenever you have the urge to post sex-tapes online, make sure you have the consent of those involved in writing… or just avoid the sex-industry altogether.

And fear Peter Thiel.

I’m a little too scared to make a joke, here.

[Recode]

This Jersey Boy's a graduate of Rutgers University, but his heart will always belong to his hometown of Manhattan. And it's pronounced "Wit-2"...maybe, I should trademark that...

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