Ziff Davis Serious About Buying Gawker Properties According To CEO

Posted: Jun 10 2016, 1:23pm CDT | by , in News | Latest Business News

 

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Ziff Davis Serious About Buying Gawker Properties According to CEO
Credit: Ziff Davis

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Gawker Media filed for bankruptcy today over the Hulk Hogan case. Ziff Davis' CEO says in an internal email that the publisher has entered an asset purchase agreement.

Gawker Media has filed for Chapter 11 today in New York to avoid the $140 million payment to Hulk Hogan. Ziff Davis has been named as one of the buyers of Gawker Media sites. Now an internal email from CEO Vivek Shah, which went out to all Ziff Davis employees has surfaced on Recode.

In the email Shah explains that Ziff Davis has entered into an asset purchase agreement to buy Gizmodo, Lifehacker, Kotaku, Jalopnik, Deadspin, Jezebel and Gawker. There will be a bidding process during the chapter 11 protection and other suiters will come forward.

"In the event we become the acquirer, the additions of Gizmodo, Lifehacker and Kotaku would fortify our position in consumer tech and gaming. With the addition of Jalopnik, Deadspin and Jezebel, we would broaden our position as a lifestyle publisher. Much like us, GMG is heavily active in driving commerce-based revenues and has an impressive publishing and commerce platform with Kinja," said Vivek Shah in the statement.

Ziff Davis operates sites including PCMag, ExtremeTech, IGN, 1Up, GameSpy, AskMen, PCMag and Offers.com that draw about 100 million visitors each months. Adding the seven Gawker properties would dramatically increase the market share in the online consumer electronics segment. The Gawker sites will also bring a younger audience than what Ziff Davis currently has.

Ziff Davis is no stranger to bankruptcy. The publisher filed for Chapter 11 protection in 2008 and emerged after a restructuring in 2009.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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