Ropes & Gray’s business restructuring practice is advising Gawker Media Group (GMG), which has entered into an asset purchase agreement to sell its seven media brands and other assets to Ziff Davis, a global digital media company which operates in the technology, gaming and lifestyle categories and is a subsidiary of j2 Global, Inc. The agreement was announced on June 10.
According to GMG’s press release:
“In order to offer the business free and clear of legal liabilities and maximize value for all stakeholders, GMG subsidiary GM LLC has filed for Chapter 11 protection from creditors. The sale will be conducted through a bankruptcy court-supervised auction, in which other bidders may offer a higher price for the company.
The protection afforded by the bankruptcy filing will allow GMG to exercise its rights to due process. . . During the sale process, GMG will maintain normal operations.”
The New York-based Ropes & Gray team advising Gawker is led by business restructuring partner Gregg Galardi and includes special situations partner Jonathan Gill.
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