http://archive.is/crpNN
>Peter Thiel is getting closer to his goal: Gawker Media has filed for bankruptcy protection and says it eventually plans to find a new owner for the company.
>Gawker and owner Nick Denton are making the Chapter 11 filing today, in order to avoid paying Thiel and Hulk Hogan the $140 million judgment they won in Hogan’s privacy trial earlier this year.
>Gawker has told it employees it still plans to fight the Thiel/Hogan case and to operate its publishing business while it does so. But it is also now formally entertaining offers to buy the company and says it has a firm bid from publisher Ziff Davis to buy the entire operation for less than $100 million.
>(Update: In a memo to employees, Ziff Davis CEO Vivek Shah says his company has an "asset purchase agreement" to buy seven Gawker titles, and says there is a "tremendous fit between the two organizations." It is worth noting that while Shah's memo says he intends to buy Gawker.com, he doesn't list the site when describing Ziff Davis' plans to integrate Gawker Media's other sites.
Sure feels good.