Though the perceived loser of the Gawker bankruptcy auction, Ziff Davis is in some ways the true winner.
The publishing company behind PC magazine, AskMen.com, and ExtremeTech made the initial bid—what’s know as a “stalking horse—to buy Gawker’s assets to the tune of $90 million. Ultimately, Univision won, acquiring the embattled media company for $135 million.
But Ziff Davis isn’t walking away empty-handed. In fact, Ziff Davis inked an agreement with Gawker last month saying it would put in the first bid, Politico reported. Per the agreement, however, if Gawker was bought by someone else, Ziff would get a $2.475 million “breakup fee.”
So, in a sense, Ziff Davis made a sizable chunk of dough by not really doing all that much. Congrats, Ziff!