Rubberneck Media's chance in limbo is verging on over.
Univision is in position to secure the troubled advanced media organization for $135 million, as per a report from Recode.
Rubberneck CEO and prime supporter Nick Denton affirmed the news in an announcement.
"Rubberneck Media Group has concurred tonight to offer our business and famous brands to Univision, one of America's biggest media organizations that is quickly gathering the main advanced media bunch for millennial and multicultural crowds," Denton composed. "I am satisfied that our representatives are ensured and will proceed with their work under new possession — unraveled from the legitimate crusade against the organization. We couldn't have picked an acquirer more gave to dynamic news coverage."
Onlooker was set available to be purchased in the wake of defaulting on some loans, a move that it was constrained into by the $140 million judgment identified with its security claim with Hulk Hogan.
The arrangement will even now should be finished by the insolvency judge managing Gawker's case. Accepting that happens (with how peculiar this case has been, anything is conceivable), the cash would hold up to go to whichever side wins the up and coming bid — which Gawker initiative has been transparently certain they will win.
Univision has been a standout amongst the most dynamic organizations in getting computerized media upstarts.
Notwithstanding its homegrown operations including Flama, El Rey and Fusion (which had been a joint endeavor with Disney until Univision purchased its accomplice out), Univision bought The Onion and The Root. Univision's computerized side now works under the Fusion umbrella.
The $135 million sticker price is supposedly above what Denton had sought after, however well beneath past examinations. The organization overall had already been esteemed at around $250 million, while tantamount advanced media organizations have sold for significantly more. Axel Springer purchased Business Insider in September 2015 for $442 million.
Ziff Davis, which possesses IGN and Geek.com, had been one of alternate bidders for Gawker Media, having put in an underlying offer of $90 million.