Gawker Media CEO Nick Denton reportedly plans to leave the company after its sale to Univision is complete.
{mosads}The Spanish-language broadcaster Univision agreed earlier this week to buy Gawker for $135 million.
The deal is still pending approval by a bankruptcy judge.
Gawker was forced to file for bankruptcy earlier this month after losing a $140 million lawsuit to former professional wrestler Hulk Hogan.
If the Univision bid is approved, the sale will close in early to mid-September, Politico reported Thursday.
Denton is reportedly facing ongoing lawsuits funded by billionaire venture capitalist Peter Thiel.
Denton allegedly said he feels he’s been successful in protecting the jobs of his employees and getting Gawker to a “safe harbor,” according to a source familiar with his thinking.
The CEO told employees during a staff meeting this week he plans to leave the company after the sale, according to CNN.
He said during the meeting he would be too much of a liability for Univision if he continued to remain at the company.
Denton told CNN in an email Tuesday that he is “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,” he said.