You might have heard: The auction for Gawker Media was expected to draw bidders such as New York Magazine and Penske Media, and Univision is trying to diversify and expand its audience through acquisitions
But did you know: Despite the buzz around the sale, the auction for Gawker Media on Tuesday drew only two bidders: Ziff Davis, which originally offered $90 million, and the winner, Univision. Univision’s offer includes all seven of Gawker Media’s sites. The deal won’t be official, however, until a bankruptcy court judge signs off on the sale. And after that, the judgment funds will be set aside while Gawker appeals its court case, with the money going to the side that wins. Once the acquisition is final, this will be the latest in a string of acquisitions for Univision, including The Onion and The Root, plus taking full ownership of Fusion.
+ Little Things offered $10 million to buy Gawker Media site Jezebel (Business Wire)
+ Nick Denton will not have a role in Gawker after the sale to Univision is final, Lukas I. Alpert reports (Wall Street Journal); What the acquisition will mean for Univision: This is a big step in diversifying Univision’s audience beyond Hispanics, Gawker brings more scale than any of Univision’s sites have right now, and Gawker’s established native ad and e-commerce businesses are a draw for Univision (Digiday)