Nick Denton is looking to sell his stake in Gawker, and may already have a buyer willing to spend between $50 and $70 million.
The New York Post reports that Denton could sell his stake in Gawker media to Univision, which had expressed interest well before a Florida jury awarded Hulk Hogan $140 million in a defamation suit.
Denton’s 68 percent stake in Gawker may have been worth roughly $170 million based on its $250 million valuation ahead of the trial. Sources claim Gawker’s value has dipped heavily since the verdict.
Lawyers for Gawker said “we’ve always said we expect to prevail on appeal and we’ve always said we’re exploring contingency plans of various sorts.”
Good luck, Gawker.