Billionare Thiel bids for website he helped shutter

Brunilde Fioravanti
Gennaio 13, 2018

The remaining assets on the Gawker site ― domain names and almost 200,000 archived articles ― are at auction, open to prospective buyers like Thiel.

When parent company Gawker Media was purchased by Univision in August 2016, the terms of the sale prevented any new articles from being published on Gawker until March 9, 2018.

Thiel, who co-founded PayPal, hasn't revealed why he wants the site he helped shutter, though it would allow him to take down articles about him that are still live.

Gawker's bankruptcy plan administrator Will Holden, of consulting firm Dacarba LLC, and the website's bankruptcy attorney Gregg Galardi, of law firm Ropes & Gray LLP, have tried to block Thiel's bid, according to court papers.

In 2007 Gawker published a story about Thiel's homosexuality. The former wrestler, whose real name is Terry Bollea, won a $140 million judgment against the site, and later settled for $31 million.

SAUL LOEB via Getty Images Peter Thiel discusses his support for Republican presidential nominee Donald Trump at the National Press Club in Washington, D.C., October 31, 2016.

If the administrator does not select Thiel's bid, he would have the right to appeal to a bankruptcy court, especially if he believes his offer was larger than other bidder.

A winning bid could be announced as soon as this month, but would have to be approved by a USA bankruptcy court judge.

If Holden excludes Mr Thiel's bid, Mr Thiel could ask the judge to consider it if it is higher than rival offers. While the amount of Thiel's bid is not known, Gawker is believed to only be worth a few million dollars, a steep decline from the website's pre-lawsuit days.

Kevin Lee, the co-founder and executive chairman of Didit, a marketing firm, said he also submitted a bid, without disclosing its value. They had launched a campaign seeking $500,000 in donations through fundraising site Kickstarter, but failed to reach their goal and have returned the approximately $90,000 they did collect.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE