By Operation Rainfall Contributor / June 10th, 2016
Following the events that led to Gawker filing for bankruptcy earlier today, Ziff Davis, owner of IGN, has announced that they have bought Gawker Media Group.
The price has not yet been confirmed, but it’s been reported that Ziff paid less than $100 million. This buyout includes all of Gawker Media Group’s assets, including, Kutaku.
Gawker has reported that they are in debt between $100 million and $500 million, and only own between $50 million and $100 million of assets.
Gawker’s large amount of debt comes from the loss of the trail against celebrity plaintiff Hulk Hogan. The company ran a publication of the plaintiff’s personal sex tape.
Not much else has been revealed, but it seems odd that Ziff Davis would be willing to purchase the company that is still in bad media spotlight.