Peter Thiel ends bid to buy Gawker after reaching truce

Silicon Valley billionaire Peter Thiel has called a final truce with over a decade after the now-shuttered gossip site outed him as gay, The Post has learned.

Thiel has agreed not to purchase the bankrupt site, according to newly filed court papers. In exchange, lawyers for Gawker will drop an investigation into Thiel’s secret funding of wrestler Hulk Hogan’s sex tape lawsuit against Gawker that crippled the company following a $140 million jury award in March 2016.

The Gawker lawyers also agreed not to pursue any legal claims against Thiel related to the Hogan case.

A judge still has to approve the deal.

“We are pleased that Gawker and Peter Thiel have agreed to put their differences aside,” said Hogan’s lawyer, Daniel Tabak. Hogan owns a 45 percent stake in

Attorneys for Thiel and Gawker did not immediately return calls for comment.

Univision bought Gawker’s sister sites including Deadspin and Jezebel in August 2016. But the media conglomerate left on the table, deeming the site “too toxic” to purchase.

A bankruptcy administrator is trying to sell, which includes the site’s archives. The administrator determined that Thiel’s participation in an auction “may have a chilling effect’ on the sale price.

“He may be able to elicit greater interest and higher bids from other prospective purchasers if the Thiel Parties are excluded from participation in the sale process,” according to settlement papers filed in Manhattan bankruptcy court Wednesday.

Source: Read Full Article