Gawker Sale: What's Next for Founder Nick Denton?

Gawker founder Nick Denton “will have no future involvement” once the blog network completes its sale to Univision according to the Wall Street Journal.

On Tuesday, Univision won the auction for Gawker Media with a winning bid of $135 million. A hearing to confirm the bid is set for Thursday and then a bankruptcy judge will have to approve the deal before it is made official.

Citing a person familiar with the arrangement, WSJ said Denton lost control of his company, which is obviously true for now. However, CNN’s Brian Stelter is among a number of media pundits who have openly pondered whether Denton will look to regain control at some point.

Also Read: Univision Wins Auction to Buy Gawker Media

“Let’s see if Denton tries to buy back the flagship site,” Stelter wrote in Tuesday’s “Reliable Sources” newsletter.

Univision will take on all of Gawker Media’s sites, which include Deadspin, Lifehacker, Gizmodo, Jalopnik, Jezebel, Kotaku and flagship Gawker.com. If the deal is approved as expected, the company will assume ownership of Gawker after placing the only other bid for the media company besides Ziff Davis’ $90 million stalking-horse stake. Univision will also owe a $2.47 million breakup fee to Davis.

Also Read: Will New Gawker Owner Be Responsible for Hulk Hogan's $140 Million Award?

In March, a jury awarded Hulk Hogan a total of $140 million after Gawker published portions of a sex tape featuring the wrestler and the then-wife of his close friend, Todd “Bubba the Love Sponge” Clem. After awarding Hogan $115 million in damages, the jury tacked on another $25 million in punitive damages.

Gawker filed for bankruptcy following the judgment, which has also impacted the personal finances of Denton, who recently filed for Chapter 11 bankruptcy. However, Gawker has filed an appeal regarding the Hogan judgement and if Denton is successful, he could have the cash necessary to make an offer for his prized Gawker.com, while Univision would keep all of Gawker Media’s other assets.

Stay tuned…

Hulk Hogan Timeline: From Hulkamania to Gawker Sex Tape Trial (Photos)

Hulk Hogan was born Terry Bolea and attended high school in Tampa, Fla.
Thomas Richard Robinson High School
Hogan broke into the wrestling business in the late 1970's, working under names like Terry Boulder.
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Hogan and his 24-inch pythons ran wild when Hulkamania swept the globe in the 1980's.
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Hogan shocked the world when he bodyslammed the 520-pound Andre the Giant at Wrestlemania III.
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Hogan's movie debut was in "Rocky III" as Thunderlips, a wrestler Rocky takes on at a charity event.
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Hogan later starred alongside Christopher Lloyd in "Suburban Commando," one of many critical and commercial bombs Hogan was involved in.
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Hogan admitted to taking steroids while testifying during a federal trial against WWF owner Vince McMahon. Hogan denied McMahon supplied or forced him to take the steroids, resulting in McMahon's acquittal.
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Hogan left WWF and competed in WCW from 1994 to 2000. While there, he teamed with Scott Hall and Kevin Nash to form the infamous New World Order.
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Hogan returned to WWF in 2002 and faced off against The Rock at Wrestlemania X8.
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Hogan starred in "Hogan Knows Best," a reality show with his family, from 2005 to 2007. The show was abruptly cancelled after Hogan's wife, Linda Claridge, filed for divorce when she discovered Hogan cheated on her during filming.
VH1
A few months prior to the divorce, Hogan was harshly criticized after his son was sent to jail for reckless driving that left a friend with irreversible brain damage. Tapes released by local police revealed Hogan and his son blaming the victim during a phone call and planning to capitalize on the crash with a reality TV deal.
Clearwater PD
Hogan moved to TNA Wrestling in 2010, immediately becoming a major character in the promotion. He returned to WWE in 2014.
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A clip from a sex tape featuring Hogan and Heather Clem, ex-wife of Bubba The Love Sponge, is published on Gawker in October 2012.
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After returning to WWF, now called WWE, in 2014, Hogan was fired in July 2015 after a racist rant from his sex tapes was released by the National Enquirer.
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On March 7, the trial between Hogan and Gawker began. Hogan is suing Gawker for $100 million in damages, accusing the outlet of invasion of privacy.
AP
On March 18, Hogan was awarded $115 million (more than the amount he was seeking) after a ten-day trial and less than a day of deliberation by the jury.
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