Gawker Media’s status as one of the largest U.S. media players to be funded entirely by insiders is about to come to an end. Founder and CEO Nick Denton confirmed on Wednesday that he has agreed to sell a minority stake in the company to an investment fund called Columbus Nova Technology Partners.
The deal still has to be approved by shareholders, but that shouldn’t be a problem, since Denton and senior staff (both current and former) are estimated to control more than 95% of Gawker. According to one recent report, Denton personally controls 68% of the company, which is estimated to be worth between $300 million and $400 million.
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