Gawker Media announces deal with Univision

Gawker.com, the leading blog of Gawker Media, is set to close tommorow after a 14 year run. The move comes Gawker Media is suffering under a lawsuit of $140 million, in which it is being sued for invasion of privacy. Last week Tuesday, Univision Communications announced that it will buy the company's assets,which includes its six blogs, for $35 million in auction. In March, Gawker Media filed for bankruptcy protection when a jury in the state of Florida concluded that Gawker.com had breached the privacy of Hulk Hogan when the website leaked a sex tape of the ex-wrestling star. After a New York court had done a review of Gawker assets, it gave approval to Univision on Thursday to proceed with the acquisition. It is estimated that Gawker.com generates over 14 million visits to its website per month, however the legal costs associated with the lawsuit have taken a toll on the company. Neither of the companies present at the auction were too keen on buying Gawker.com, as the website would prove to be too much of a liability at present. However, employees of Gawker.com that were chosen to be retained will be reassigned by Univision after the deal is completed. Six of Gawker Media's blogs will become part of Univision's Fusion Media. The blogs include: Gizmodo (technology); Lifehacker (practical tips); Deadspin (sports); Jezebel (women's issues); Kotaku (gaming) and Jalopnik which features stories about cars.

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