Peter Thiel Submits Bid to Buy Gawker
Venture capitalist Peter Thiel has made an offer to purchase Gawker, but may face some challenges in purchasing the defunct media blog.
Peter Thiel, who assisted Hulk Hogan in his lawsuit against the now-defunct media blog Gawker, submitted a bid to purchase the media outlet’s remaining assets, according to a Reuters report from Thursday.
Although Gawker has been inactive for more than a year, several parties reportedly have expressed interest in purchasing the site. Some speculate that Thiel has thrown his hat into the ring in response to personal stories that Gawker published about Theil in 2007 regarding his sexuality.
By now, you’ve likely heard how Peter Thiel parlayed a $500,000 investment in Facebook to a stake now worth $750 million. There’s been a crush of coverage on his $220 million Founders Fund, which may well change the way entrepreneurs get paid in the Valley. We know about his mansion (he rents it — clever!), his butler, his early-morning jogs. But what no one ever says out loud: Thiel is gay.
Gawker was ultimately forced to shut down after a court ordered them to pay $140 million to Hulk Hogan over their decision to publish the former wrestler’s sex tape without his permission. The parties ultimately settled for $31 million.
Gawker’s bankruptcy attorney, Gregg Galardi, has expressed interest in blocking Thiel as a potential buyer of the site due to his role in the Hogan lawsuit.
Earlier this week, a group of former Gawker employees disbanded a fundraising effort to revive the site.