Nick Denton’s embattled Gawker Media has entertained multiple acquisition bids worth $100 million or more, an individual familiar with the company’s operations told TheWrap.
The source denied a recent New York Post report of a $50 million – $70 million pricetag for the company, which is appealing a potentially devastating $140 million court verdict over the 2012 publication of portions of a sex tape featuring former wrestler Hulk Hogan.
According to the individual, the lower estimates for Gawker are “wrong, inaccurate and silly” since several offers “over nine figures” have already come in.
A spokesman for Gawker disputed the idea there are multiple nine-figure bids for the company, calling that “inaccurate.”
Denton recently hired Mark Patricof, a senior banker at Houlihan Lokey who advised Colony Capital on its acquisition of Miramax, to advise on potential contingency plans, including a possible sale, should the company lose its legal appeals.
Speaking at Code Conference on Thursday, Denton said he was “looking at all possible outcomes.” He owns a 68 percent stake in the digital news operation that he founded in 2002.
Gawker Media, which was once valued as high as $250 million, has seen its value drop given its legal troubles — which have been compounded since Silicon Valley billionaire Peter Thiel has admitted to bankrolling several lawsuits, including Hogan’s, in an effort to ruin a blog that once attempted to out him as gay.
Patricof declined to be interviewed for this story.