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Gawker Media Announces Purchase Agreement with Media Company Ziff Davis

gawkerGawker is filing for bankruptcy, and after that news broke earlier this afternoon, the Gawker Media Group announced in a press release they’re entering into an asset purchase agreement with Ziff Davis.

Ziff Davis is a media company that owns IGN, PC Magazine, Geek.com, and other properties.

Gawker founder Nick Denton said in the press release, “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 will be selling its media brands and assets to Ziff Davis, though as they will be organizing the sale through a bankruptcy court auction, other companies could still jump in to make higher bids too.

Gawker’s filing for bankruptcy came after revelations that Hulk Hogan‘s successful lawsuit against Gawker was funded by Silicon Valley venture capitalist Peter Thiel. The sale is Gawker’s way of avoiding paying Hogan.

[image via Shutterstock]

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