Aspiring media moguls, act fast! Gawker auction attracts just two bidders



Nick Denton (image credit: Dave Winer via Wiki Commons)
Nick Denton (image credit: Dave Winer via Wiki Commons)

Silicon Valley mogul/clandestine moneyman, Peter Thiel, must be smiling right now. After Thiel secretly financed Hulk Hogan’s $140 million lawsuit again Nick Denton’s Gawker Media, driving it into bankruptcy, the muckraking media outlet has attracted just two bids, a source close to the deal told Bloomberg.

Publisher Ziff Davis and Univision Holdings have reportedly both made bids for Gawker. In June, Gawker Media, which includes popular sites like Gizmodo and Jezebel, picked Ziff Davis as the “stalking horse” bid, with an opening offer of $90 million, according to Bloomberg. That proposal includes an agreement to keep Denton on board for at least two years as a consultant, with a fee of about $200,000 a year. Maybe he will be able to stop renting out his Soho apartment.

If Gawkers accepts Univision’s bid, it would entitle Ziff Davis to a $2.47 million fee, in addition to an expense reimbursement up to $1.25 million.

So got cool $100 mill? Want to make your friends Jezebel? You better bid fast, because Gawker is expect to announce a winner as soon as next Tuesday. [Bloomberg]