Gawker reports earnings!
NEW YORK, July 2, 2015 - Gawker Media Group, Inc., the holding company that owns both the U.S. and Hungarian subsidiaries, in 2014 had $6.53 million in operating income on $44.3 million of revenue. Despite exceptional legal expenses that are being paid with operating funds, the company expects to be profitable for 2015.
Later this month, the company's writers, developers and sellers will move into a new headquarters office on the second and third floors of 2 W 17th St, which will house the majority of the company's 268 employees. The new 40,000 square foot office complex has more than double the space of the company's existing location - featuring dedicated studios for speaker events as well as the business, editorial, operations and technology teams.The financing exploration discussed at the start of the year has concluded by expanding the company's relationship with Silicon Valley Bank, with a term loan of $8 million dedicated to the expansion and relocation of Gawker's facilities as the company outgrows the walk-up in Nolita that has been the headquarters since 2008. There is additional borrowing ability with Silicon Valley Bank of $7.5 million remaining.
Over the last four years, Gawker's audited revenue has increased consistently:
Gawker CEO Nick Denton said:
"With the possibility of an initial judgment against Gawker Media at the forthcoming trial in Florida, there's been interest in the company's underlying financial health. Our journalists and I stand for open discussion of true and interesting stories, and our finances have become part of the story. So we intend to be open about them, both in the media and in the St. Petersburg courtroom. I am as proud of our business track record as I am of our writers' reputation for journalistic boldness. Gawker Media is the only online media organization to have achieved scale and financial viability -- more than 100 million global unique visitors a month and five years of profitability -- without outside investment."
Gawker's consistent growth is based on a combination of advertising and the company's specialized approaches to e-commerce targeted at the demographics and specific interests of many of the company's eight websites:
- Gawker.com, News, media, and pop culture
- Deadspin.com, Sports news and commentary
- Jezebel.com, Celebrity, sex, and fashion for women
- Gizmodo.com, All things technology
- Lifehacker.com, Tips and tricks to live life better
- Jalopnik.com, Cars and automotive culture
- io9.com, Science, futurism, and science fiction
- Kotaku.com, Video games and gaming culture
Gawker Media is the publisher of some of the web's best-loved media properties, including the eponymous Gawker and technology site Gizmodo. Founded in 2002 by Nick Denton, the influential media group publishes eight original brands to a collective audience of over 115 million global readers.