Gawker, Deadspin File For Bankruptcy
Sports Grid - Gawker Media filed for Chapter 11 bankruptcy protection today, which is Hulk Hogan’s first real win. It comes three months after Hogan won a $140 million lawsuit against the web site in the notorious sex tape trial, and since CEO Nick Denton is reporting he doesn’t have the assets to pay, he felt this was the only option.
Gawker and its satellite blogs Lifehacker, Gizmodo, Deadspin, etc., could go on publishing under Chapter 11, overseen by the court. But Denton said he’s putting the sites up for auction. An opening bid of $90 million to $100 million has been made by PC Magazine owner Ziff Davis, according to Politico. Here’s Davis’ statement on the potential acquisition.
So while Deadspin may not die, it’s unlikely it will ever be the same. Denton’s fingerprints were all over it, and who knows if its better writers will hang around under new management? And what if Davis is outbid by someone who doesn’t want Deadspin?
In almost direct contrast to the people dancing in the streets over Gawker’s predicament, loyal Deadspin readers are particularly bummed. While Deadspin shared the mother ship’s passion to root out embarrassing truth (Berman’s leather obsession, for instance), it was all about sports. Back before there was an internet, people have been calling sports the newspaper’s toy department, and no one’s getting angry or outraged at the toy department.
So if I'm reading this correctly, it's basically all Hulk Hogan's fault. He won $140 million and the Gawker CEO basically had no choice but to file for bankruptcy because he clearly did not have that kind of fundage.
We all knew Gawker was a smutty website who tried desperately to get click-bait by hijacking the Hulk Hogan sextape. They got what they deserved, and Deadspin, a website run by Gawker Media, is now also going DOWN. Personally, I've never been a big Deadspin fan at all, but this really sucks for the people over there. It's like when a party gets busted and the kid that wasn't drinking or causing trouble gets arrested. You knew good and well what was going on, and just because you didn't do anything wrong, doesn't mean you're not responsible.
Deadspin will wind up being bought out, along with most of the other reputable Gawker Media sites. That does not mean that it will be the same, and it may not even be called Deadspin. However, for me at least, I think there's better sports sites with better writers out there than Deadspin.
*cough* TPS *cough*