The war between ?Gawker Media and ?Peter Theil/Hulk Hogan is far from over. Gawker was order to pay Hogan $140 million in a civil lawsuit. Hogan got Theil’s help in this victory. But instead of paying, Gawker files for bankruptcy.
The bankruptcy was announced yesterday. Gawker Media’s owner Nick Denton has filed for chapter 11 bankruptcy protection. That’s not all. Denton assures Gawker Media employees they’re going to fight the Theil/Hogan alliance. Gawker vows to fight while staying in business. Gawker’s bank leader Mark Patricof expects high bids while under chapter 11 protection. During the Hogan trial, Denton tried to estimate Gawker Media’s worth. He valued it at between $250-$300 million. That makes me wonder: Did Denton calculate a bankruptcy move regardless of the trial’s outcome? Publisher Ziff Davis put in an offer at $100 million. Ziff Davis owns tech based magazines like PC Mag. This mess all started in 2012. Gawker Media published pieces of a sex tape starring former WWE Champion Hulk Hogan and another man’s wife. Paypal founder Peter Theil financially backed Hogan’s case, paying for his lawyers. Theil believed Hogan’s privacy was violated. Theil also wanted retribution for years of what he called, “…bullying people even when there was no connection with the public interest.”
Denton refuses to apologize or back down. He vows to fight the case and stay in business. This shows me what a dark soul Denton has. I’m not giving Hogan any moral medals here. But to promote a secret tape of a human being’s most intimate moments for profits is inexcusable. If regular people did that, they’d be in jail for sextortion, and rightfully so. But just because he’s running a media company, does that give Gawker Media the right to do it? I’m proud of Peter Theil for taking the side of right, no matter what the motives are. Gawker Media lost the case. Now they’re crying bankrupt. Are they really out of money? Or are they using bankruptcy to get out of paying Hogan his just due?