Gawker Media Group has announced a purchase agreement with Ziff Davis.

Gawker Media Group has entered into an asset purchase agreement to sell seven media brands and other assets to Ziff Davis, a global digital media company which operates in the technology, gaming and lifestyle categories and is a subsidiary of j2 Global, Inc.

Nick Dentom, Gawker Media Groups founder, said: "We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media. A combination would marry Ziff Davis strength in e-commerce, licensing and video with GMG's premium media brands."

In order to offer the business, or rather media brands, free and clear of legal liabilities, Gawker has filed for chapter 11 protection from creditors which means if you freelanced or sold work to them, you won't get paid, sucks for you.

The sale will be conducted through a bankruptcy court supervised auction, and Gawker may still be hoping other bidder will offer a higher price for the property. Keep dreaming, kids.