Famous for being a failed savior, a financial hound of Hades has come to the aid of Gawker Media and its many online publications.
Cerberus Capital Management L.P., the infamous private equity firm that produced headline gold — and not much else — after its ill-fated 2007 purchase of Chrysler, is now offering cash to another bankrupt company. The firm announced it will hand Gawker $22 million to keep the lights on while the media giant completes its bankruptcy proceedings and sell-off. (Read More…)
Reuters is reporting that Gawker Media, parent company of automotive website Jalopnik, has filed for Chapter 11 bankruptcy.
A judge recently ordered the company to pay $140 million in damages after it aired a 2007 sex tape featuring former wrestler Hulk Hogan, who then sued Gawker for invasion of privacy. The company had requested a stay, but was denied based on the terms they laid out.
The New York Times reports that Gawker Media will now put itself up for sale, according to a source close to the matter. The source claims the company is starting a yet-to-be announced auction, and that digital media company ZiffDavis already submitted a starting bid of $90 million to $100 million. (Read More…)
Summer is always a slow time in the industry, so what better way to boost traffic than to manufacture a controversy out of thin air about a “third rail” topic like electric cars?
Delphi’s salaried retirees lost their shirts after the Delphi bankruptcy and the GM bailout. Now they lost their main voice in congress. Rep. Christopher Lee resigned last week after Gawker showed a picture of a bare-chested congressman. (Read More…)
Last week, Professor David W. Gilbert testified at a house hearing and said he had replicated the unintended sudden acceleration in Toyota’s vehicles. Toyota, and their testing lab Exponent tried Gilberts method and said he was right. “But Toyota said it also created the same response in vehicles made by competitors, which it said rendered Mr. Gilbert’s findings misleading,” writes the Washington Post.
In a statement, Toyota says: “The analysis of Professor’s Gilbert’s demonstration establishes that he has reengineered and rewired the signals from the accelerator pedal. This rewired circuit is highly unlikely to occur naturally and can only be contrived in a laboratory. There is no evidence to suggest that this highly unlikely scenario has ever occurred in the real world. As shown in the Exponent and Toyota evaluations, with such artificial modifications, similar results can be obtained in other vehicles. “ When Exponent applied Gilbert’s test to five models, including a Honda Accord and a BMW 325i, all five vehicles reacted similarly. (Read More…)