#Gawker loses millions trial#
#Gawker loses millions plus#

Because of this, Gawker might ask the court to reduce the bond or even stay the judgment without requiring a bond at all. Paying $50 million might still be expensive for Gawker. A newer 2012 Florida statute capped that supersedeas bond at $50 million.

#Gawker loses millions plus#

According to Politico Media, Florida’s original law stated that a defendant like Gawker could get an automatic stay on the judgment, pending appeal, if it paid a “supersedeas bond” in the amount of the judgment plus two years of interest. Florida law on this can be a little complicated. A jury awarded him $115 million, but can Gawker afford that? (Getty)Įven if Gawker appeals the verdict, it may still have to pay a bond capped at $50 million while it appeals, CNN reported. Terry Bollea, aka Hulk Hogan, testifies in his case against Gawker. Epstein is managing director at Columbus Nova Technology Partners and managing partner of Columbus Nova.) Both share the same logo and are part of the same company. (Note: Some sources say that Columbus Nova invested in Gawker while others say it was Columbus Nova Technology Partners. Jason Epstein, managing director of Columbus Nova Technology Partners, told Fortune that he had no plans to get involved with Gawker’s editorial work. It’s about putting Hogan behind us, and the future ahead of us.”ĭenton has previously said there was a 1 in 10 chance that he would have to sell a controlling stake in Gawker in order to keep it afloat after a verdict, The New York Times reported.

Denton told Fortune, regarding the purpose of the outside investment: Jason Epstein, managing director of Columbus Nova, also got a seat on Gawker’s board of directors.Ī leaked internal memo revealed that the company needed the investment to build up its “war-chest” in light of the Hulk Hogan lawsuit. What is known is that the investment gave Columbus Nova a minority stake in the company and, according to Politico Media, the company now has veto power over key Gawker decisions. ( To learn more about Columbus Nova, please see this story.) The exact stake that Columbus Nova would take or the size of its investment wasn’t revealed by Gawker because of the trial. For the very first time, Gawker accepted an outside investment from Columbus Nova Technology Partners in January, The New York Times reported. Gawker was founded in 2002 and has been majority-owned by founder and CEO Nick Denton since the beginning.

#Gawker loses millions trial#

Gawker Sells Stake to Columbus Nova to Raise Cash for Hulk Hogan Trial | Re/code… ( ) Last summer, Gawker took an $8 million loan from Silicon Valley Bank to finance its relocation. 2015 was the 10th consecutive year that Gawker saw double-digit revenue growth, including $150 million in gross sales from e-commerce.

The company’s overall revenue has been steadily growing every year since 2010. In 2014, Gawker Media’s e-commerce revenue grew to $100 million, netting it $10 million in addition to $35 million made in traditional advertising. The net revenue came from a combination of traditional advertising and e-commerce. This gave the company an operating profit of $6.5 million in 2014, The Wall Street Journal reported. In 2014, Gawker had a net revenue of $44 million, making the site itself worth at least $250 million, Business Insider reported.

Gawker’s yearly net revenue is less than Hulk Hogan’s $115 million verdict, which will likely increase once punitive damages are announced next week. “With stronger backing and disentangled from litigation, they can perform their vital work on more platforms and in different forms.Gawker's Nick Denton on #hulkvsgawk appeal: 'We expect to win this case ultimately' /GIFmOPGT0n “We have been forced by this litigation to give up our longstanding independence, but our writers remain committed to telling the true stories that underpin credibility with our millions of readers,” he said. The companies announced a purchase agreement shortly after the Chapter 11 filing went public but an auction is expected to be open to other bidders.ĭenton, who is expected to file for personal bankruptcy as well, issued a statement hailing a potential marriage with Ziff Davis. The owner of properties including IGN and AskMen has reportedly already bid in the neighborhood of $100 million for Gawker, which lost a $140 million jury verdict in the Hulk Hogan trial that has since been upheld. Gawker Media filed for bankruptcy protection in a New York court on Friday, a move that could pave the way for the troubled digital property to be acquired by Ziff Davis.