Gawker Media has filed for Chapter 11. Publisher Ziff Davis has entered a binding offer to buy the company for around $100 million, but may have to end up paying more.
Here’s Ziff Davis CEO Vivek Shah’s memo to his company explaining his interest in Gawker, and the next steps of the process:
From: Vivek Shah
Sent: Friday, June 10, 2016 1:07 PM
To: ZD All
I wanted to share some news about a potential acquisition for Ziff Davis. Earlier today, Gawker Media Group (GMG) filed for Chapter 11 bankruptcy. As part of that process, GMG plans to sell its media properties Gizmodo, Lifehacker, Kotaku, Jalopnik, Deadspin, Jezebel and Gawker.
Ziff Davis has entered into an asset purchase agreement to acquire all of these properties (free of GMG's liabilities), subject to the outcome of a Court-supervised auction. Under the Chapter 11 process, the Bankruptcy Court will soon set a schedule for other potential bidders to enter the sale process. There will then be an auction, which will likely take place at the end of July.
In the event we become the acquirer, the additions of Gizmodo, Lifehacker and Kotaku would fortify our position in consumer tech and gaming. With the addition of Jalopnik, Deadspin and Jezebel, we would broaden our position as a lifestyle publisher. Much like us, GMG is heavily active in driving commerce-based revenues and has an impressive publishing and commerce platform with Kinja.
As you can see, there’s a tremendous fit between the two organizations, from brands to audience to monetization. We look forward to the possibility of adding these great brands – and the talented people who support them – to the Ziff Davis family.
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This article originally appeared on Recode.net.