Univision Communications Ltd has bought over online news website Gawker Media for $135m in a bankruptcy auction, reported BBC. Gawker had filed a bankruptcy protection plea in June. The deal will have to be ratified by a judge before it can be taken forward. The owner of the New York-based website, Nick Denton, (pictured above) said he was "pleased" by the deal.

In a statement, Denton said, "I am pleased that our employees are protected and will continue their work under new ownership – disentangled from the legal campaign against the company. We could not have picked an acquirer more devoted to vibrant journalism."

Gawker filed the bankruptcy petition after it lost a court battle with former professional wrestler Hulk Hogan, who had alleged that the website invaded his privacy. The court awarded more than $140 million in damages to Hogan in the case, according to Forbes. The Spanish media company Univision outbid internet publisher and rival Ziff Davis to secure the deal.