On November 12, 2008, Gawker announced that Valleywag would fold into. In September 2008, Gawker reported 274 million pageviews. He explained these decisions by referring to the 2008 credit crisis, but stated that the company was still profitable. Denton also announced the suspension of a bonus payment scheme based on pageviews, by which Gawker had paid $50,000 a month on the average to its staff, citing a need to generate advertising revenue as opposed to increasing traffic. In a fall 2008 memo, Denton announced the layoff of "19 of our 133 editorial positions" at Valleywag, Consumerist, Fleshbot, and other sites, and the hiring of 10 new employees for the most commercially successful sites- Gizmodo, Kotaku, Lifehacker, and Gawker-and others which were deemed to promise similar commercial success ( Jezebel, io9, Deadspin, and Jalopnik). On April 14, 2008, announced that Gawker Media had sold three sites: Idolator, Gridskipper, and Wonkette. That year, he created a new base of operations in Nolita in Manhattan. The company was headquartered early on at Nick Denton's personal residence in the New York City neighborhood of SoHo, and it remained there until 2008. Gawker Media was incorporated in Budapest, Hungary in 2002, where a small company facility is still maintained. In June 2016, at the time of the company's filing for bankruptcy, Denton had a 29.52% stake in the Gawker Media Group, and his family had another stake through a trust. A bond broker stated in an affidavit that the company's book value was $10 million. The company's balance sheet at the time reflected total assets of $33.8 million ($5.3 million cash, $11.9 million accounts receivable, $12.5 million fixed assets), total current liabilities of $27.7 million and total long-term liabilities of $22.8 million. In the filings, the company stated that it could not afford to pay the $140.1 million judgment or the $50 million appeal bond. In June 2016, Gawker Media revealed its corporate finances in a motion for a stay of judgment pending appeal and accompanying affidavits filed in the Bollea v. In early 2015, Denton stated that he planned to raise $15 million in debt from various banks so as not to dilute his equity stake in the company by accepting investments from venture capital firms. Business Insider valued the company at $250 million based upon its 2014 revenue. Gawker Media's revenues steadily increased through 2014 and its audited revenue for 2014 was $45 million with $6.5 million operating income. In 2010, its revenue was $20 million and operating income of $2.6 million. In 2015, Gawker Media LLC released its audited revenue for the past five years. Combined with low operating costs-mostly web hosting fees and writer salaries-Denton was believed to be turning a healthy profit by 2006. In an article in the Februissue of New York Magazine, Jossip founder David Hauslaib estimated 's annual advertising revenue to be at least $1 million, and possibly over $2 million a year. While I love the medium, I've always been skeptical about the value of blogs as businesses", on his personal site. While Denton has generally not gone into detail over Gawker Media's finances, he made statements in 2005 that downplayed the profit potential of blogs declaring that "logs are likely to be better for readers than for capitalists. umbrella, reportedly for less than $50 million. Gizmodo was subsequently acquired by Great Hill Partners along with The Onion in 2019 under the G/O Media Inc. On September 21, 2016, Univision moved all of the Gawker Media properties to their newly-created Gizmodo Media Group. Two days later on August 18, the company announced that would cease operations the following week, while its other sites will continue to operate.
On August 16, 2016, all of the Gawker Media brands, assets except for, were acquired at auction by Univision Communications for $135 million. In 2016, the company filed for Chapter 11 bankruptcy protection after damages of $140 million were awarded against the company as a result of the Hulk Hogan sex tape lawsuit. to Gawker Media, Inc., and to Gawker Media LLC shortly after. In 2004, the company renamed from Blogwire, Inc.
All Gawker articles are licensed on a Creative Commons attribution-noncommercial license. Incorporated in the Cayman Islands, as of 2012, Gawker Media was the parent company for seven different weblogs and many subsites under them:, Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel. It was founded by Nick Denton in October 2003 as Blogwire, and was based in New York City. and Gawker Media, Inc.) was an American online media company and blog network. Gawker Media LLC (formerly Blogwire, Inc.
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