The auction result is pitting the satirical news company, which is supported by Sandy Hook families, against First United American Companies, an LLC backed by Jones.

Summary

A federal judge has delayed approving the sale of Alex Jones’ media company, Infowars, to The Onion, amid disputes over the auction process.

The Onion won with a $1.75 million bid supported by Sandy Hook families, who agreed to forego their share of sale proceeds for future revenue from a revamped Infowars, enabling other creditors to collect more.

However, a competing bidder backed by Jones, First United American Companies, contested the sale, claiming its $3.5 million bid was unfairly rejected.

The judge plans an evidentiary hearing to ensure transparency.

  • ImADifferentBird@lemmy.blahaj.zoneEnglish
    281·
    1 month ago

    The major reason is that the Parkland families agreed to take a smaller payout as part of the Onion deal. Therefore, it enables more of the creditors to actually get paid (as opposed to the other deal, where the Parkland families would get almost all the money and the rest of the creditors would be left hat-in-hand).

    • kava@lemmy.world
      1·
      30 days ago

      Thanks for the info. If the creditors agree to take a lowered payout, than it makes sense. I wasn’t aware of any such deal before making my comment.

      I don’t want to dox myself but I know Parkland very well. The people who live there are loaded. So it makes sense they aren’t hurting for money and would just prefer the Infowars website to be neutered, which it seems is the Onion’s goal.

      • caboose2006@lemmy.ca
        3·
        30 days ago

        Also the onion deal pays out a percentage revenues to the creditors over a set amount of time (I forget exactly how long), where as the other deal is one and done. So POTENTIALLY the earning potential is much higher with the onion deal, but I think the point of the onion deal was to bury infowars.