Gakwer To Shut Down Next Week After Losing $140 Million Lawsuit

Gakwer To Shut Down Next Week After Losing $140 Million Lawsuit

Gawker is finally calling it quits after an unprecedented lawsuit by Hulk Hogan has forced them to close their offices according to Mashable:

Gawker’s flagship site — Gawker.com — will not continue to operate under its new owners, a sudden end to one of the most controversial and contentious digital media websites.

Gawker’s own media reporter confirmed reports that began to emerge on Thursday that Gawker.com would be shut down. The site will cease to operate sometime next week.

“Nick Denton, the company’s outgoing CEO, informed current staffers of the site’s fate on Thursday afternoon, just hours before a bankruptcy court in Manhattan will decide whether to approve Univision’s bid for Gawker Media’s other assets. The near-term plans for Gawker.com’s coverage, as well as the site’s archives, have not yet been finalized,” wrote J.K. Trotter.

Univision agreed to acquire Gawker Media, which includes Gawker.com and other verticals like Deadspin and Jezebel, for $135 million, having outbid Ziff Davis during Gawker’s bankruptcy-induced auction process.

The site’s archives will reportedly remain online, and its staff will be offered positions at the company’s other verticals.

WELL DAMN!