May 26, 2018 8:06 AM ET

Media

Company Overview of Gawker Media Group, Inc.

Company Overview

Gawker Media Group, Inc., through its subsidiaries, publishes titles on the Web for readers in the United States. The company is based in Cayman Islands. As of September 9, 2016, Gawker Media Group, Inc. operates as a subsidiary of Univision Communications Inc.

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Cayman Islands

Founded in 2016

Key Executives for Gawker Media Group, Inc.

Gawker Media Group, Inc. does not have any Key Executives recorded.

Gawker Media Group, Inc. Key Developments

Motion for Asset Sale Approved for Gawker Media, LLC

The US Bankruptcy Court gave an order approving the sale of the substantially all the assets of Gawker Media, LLC on August 22, 2016. The debtor has been authorized to sell substantially all its assets to UniModa, LLC, the winning bidder at the auction, for a purchase price of $135 million in cash.

Notice of Successful Bidder Filed by Gawker Media, LLC

Gawker Media, LLC filed a notice in the US bankruptcy Court regarding sale of its substantially all assets on August 25, 2016. The debtor conducted an auction for sale of its substantially all assets and selected UniModa, LLC as the Successful Bidder for a purchase price of $135 million. The sale hearing will be held on August 18, 2016. Steven L. Grossman of O’Melveny & Myers LLP and Peter M. Gilhuly of Latham & Watkins LLP acted as legal advisors to the buyer.

Bidding Procedure Approved for Gawker Media, LLC

The US Bankruptcy Court ordered approving the bidding procedure related to sale of substantially all assets of Gawker Media LLC on July 8, 2016. As per the bidding procedure, ZDGM LLC is the stalking horse bidder for a purchase price of $90 million in cash plus assumption of certain liabilities. All interested bidder must submit the qualified bids by August 15, 2016. The auction will be held on August 16, 2016. The stalking horse bidder is entitled to receive the breakup fee of 2.75% of the base purchase price and reimbursement expenses up to a cap of $1.25 million, in the event of termination of purchase agreement. The initial minimum overbid should be at least $94.73 million. The debtor has scheduled an auction on July 29, 2016. At the auction, the subsequent bids would be in increments of $1 million. The sale hearing will take place on August 18, 2016.

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