FIRE SALE: Ziff Davis Buys Gawker

Earlier today, Gawker filed for bankruptcy. Now it appears that Ziff Davis will be acquiring the company in a court supervised auction. The j2 Global Inc. subsidiary is already moving to salvage the floundering news media outlet. While other parties will have the opportunity to outbid the digital media company — something that founder Nick Denton has claimed is already happening — the Ziff Davis announcement casts a shadow of doubt over that bravado.