![]() The value of the equity of his apartment was not referenced in court. Nick Denton is publisher of Gawker Media, a group of gossipy weblog titles such as Jezebel. In court papers, Hogan’s attorney stated that the loan was for $200,000.ĭenton said in court that he has two assets, his equity in his apartment and his stock in Gawker. Nick Denton is the founder of Gawker Media, a blogging network. Hogan’s attorneys argued that Denton’s personal bankruptcy would not weigh on Gawker because the company already had in place an executive team and outside professionals who would be able to execute the sale.ĭenton said that Gawker had loaned him money to pay for his personal bankruptcy attorney, and that he had met with the attorney twice. “I know they are going to want to speak to me,” Denton told the court of other potential bidders for Gawker. Prior to the ruling, Denton said a personal bankruptcy process would be major distraction to him helping navigate Gawker through its auction, arguing that he would be playing a crucial role. When Gawker filed for bankruptcy, it had an agreement from online publisher Ziff Davis to buy the company for $90m, but this was only meant to be a stalking horse bid setting the floor price in an auction process that is now under way. Goldberg, 38, is now a careful and ambitious business operator, but he was once a Gawker punching bag, portrayed as a bro-y tycoon overly eager to be part of a scene. Gawker and its investment bankers are now soliciting acquisition offers for the company. Gawker’s business and its plan to sell itself in bankruptcy would suffer, they said. A new seven-member managing partnership, of which Denton will be a part, will now run the media company. Stuart Bernstein, bankruptcy court judge for the southern district of New York, declined on Tuesday to extend the shield.Īttorneys for Gawker argued that without the shield, Denton would be distracted by his own personal bankruptcy process. Nick Denton says he is stepping down as president of Gawker Media, the company he founded. The court had only agreed to give Denton temporary protections. Gawker, a US internet publisher, filed for Chapter 11 bankruptcy protection in June after Hogan won a $140m judgment against the company over the publication of excerpts from a sex tape, $125m of which Denton is liable for, according to court filings.Īttorneys for Gawker had asked the court for the same protections for its founder, including a shield from lawsuits. It is more of a community site and a news site.Thiel did not immediately respond to a request for comment. People come to Gawker not just for news but also for discussions with each other. The reason why Gawker Media Group is largely profitable is that it really differentiates itself from other publications. So I guess the short answer is duopoly is a bad thing as independent media press requires to be widely distributed.īut how can media companies become profitable without Facebook and Google? ![]() As long as most of their profits are being made by Google and Facebook whose profits go into the pockets of investors and billionaires, the balance of power between the subjects of stories and the journalists will be out of whack. In order to become a truly independent press, media properties need to be extremely profitable to fund good journalism and legal bills. ![]() What do you think of Google and Facebook? I think gossip are more true than the traditional news you get, because the story that really happened and the story behind the story are more interesting than the official version.įake news aside, duopoly remains top of mind for publishers today. How do you draw the line between gossip and news?
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