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Gawker Shut Down After Bankruptcy Bid

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Gawker/Twitter

The news site, which was bought by Univision after going up for auction, will cease operations after years of costly lawsuits.

Any hopes that Gawker would survive bankruptcy were dashed this week after the beleaguered news site announced Thursday it would cease operations.

The site announced the shutdown itself days after Univision bid $135 million for Gawker Media. Employees will either move to other roles at the company's other websites or within Univision.

The 14-year-old news site was brought to its knees after years of costly lawsuits following controversial stories, many of the suits bankrolled by openly gay PayPal founder Peter Thiel. Thiel accused the site of outing him with an article in 2007.

While journalists and readers alike criticized the site's tabloid-like stories over the years, many reporters expressed concern that a news site could be snuffed out by a single corporate leader.

Thiel has this year become an active supporter of Donald Trump's presidential bid, speaking on his behalf at this year's Republican National Convention in Cleveland.

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