Kemo
01-21-2016, 01:49 AM
Yesterday, we told you about the reports that Gawker was seeking to bring on outside investors for the first time as a way of making sure that legal fees for defending Hulk Hogan’s lawsuit don’t bleed them dry. Today, it’s official: The New York Times and the Wall Street Journal are reporting that Columbus Nova Technology Partners, a Silicon Valley investment firm, is buying a minority stake in the company. In addition to helping to pay legal bills, the new cash infusion will help fund growth initiatives.
Jason Epstein, managing director of Columbus Nova, will get a seat on Gawker’s board. He told the Times that “We have been attracted to the company because of the authenticity with which they approach all storytelling. I will have no input on the editorial, or the editorial mix. Any changes will be driven one way or another by Nick and the team.” Gawker refused to comment on the specifics of the deal itself, but company founder Nick Denton did speak to the Times about the site in broader terms.
Jason Epstein, managing director of Columbus Nova, will get a seat on Gawker’s board. He told the Times that “We have been attracted to the company because of the authenticity with which they approach all storytelling. I will have no input on the editorial, or the editorial mix. Any changes will be driven one way or another by Nick and the team.” Gawker refused to comment on the specifics of the deal itself, but company founder Nick Denton did speak to the Times about the site in broader terms.