Gawker, one of the world’s leading news sites is to close down.

Gawker_LogoGawker is to cease operation from next week after nearly fourteen years of service. The news comes after Univision successfully bid $135m for Gawker’s six media sites a few days ago.

It is believed that no staffers at Gawker will lose their jobs – as staffers will be assigned to other outlets in the portfolio or be adsorbed into Univision.

In a memo to staff Nick Denton, the site’s founder said neither he or Gawker.com would be included in the new venture with Univision.

“Sadly, neither I nor Gawker.com, the buccaneering flagship of the group I built with my colleagues, are coming along for this next stage.”

Why is Gawker closing?

Gawker filed for bankruptcy after a lawsuit, brought by the former wrestler Hulk Hogan, awarded $140m in damages to the TV star.

The lawsuit, reportedly costing $10m was funded by Paypal co-founder, Peter Thiel. Mr Thiel, one of the world’s richest openly gay men said that he aided the lawsuit because he wanted to curtail the company’s “bullying”.

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The company published an article outing Mr. Thiel in 2007.

What was the lawsuit about?

Gawker was sued by Terry Bollea (Hulk Hogan) after they published a video of him having sex with the wife of a friend from 2007. The trial lasted 3 weeks and Gawker was ordered to pay $115m compensation and $25m in punitive damage.

What will happen to Gawker.com?

In the long-term nobody knows what will happen to the Gawker brand – however it’s six sister sites: Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel, will continue as normal.