Gawker Kingpin Explains Gothamist Sale
Gawker Media honcho Nick Denton offers a perspective on the announcement yesterday of the sale of Gothamist to Rainbow Media, which is owned by Cablevision. "It's subject to long-term capital gains — but also to New York State tax. So that's at least a quarter off. Let's say Jake and Jen end up with $1.5m each. That sounds like a lot; but they've been at the job seven years. And my understanding is that the contract would require them to stick around for another three, making a decade in total. So that works out as about $150,000 per year — plus any compensation under the employment agreement they get from Cablevision." He adds: "for several years they took very little out of Gothamist. Jen was working for Olive Garden and Jake did web consulting on the side."
I'd pay $1.5mm not to work for James Dolan. Fat stupid dauphin.
I love their soup, salad and bread sticks!
Keep on keepin' on, Nick. I know when that day comes–now, don't jive me lad, it will–you can annualize the empire out to at least $175k per.
And it will have been Good.
Really? I thought all the rack jokes and tee shirt sales would have produced more revenue.
Please Mr. Denton, continue to disabuse the poor proletariat slobs for whom $150K per year is an aspirational sum. They deserve to know how small they dream.
N.B. That's $150k after taxes, he doth formularize–which means hit it closer to $225-250–and then also, whatever the Cablevision folks agreed to pay as additional compensation (let's be generously penurous, and conclude, Not Much. But Something. Maybe $7.50 per 250,000 pairs of eyes).
So you need to dream yourself incrementally a bit grander into despair.
One thing about the Dolans people either don't know or forget, is that their spendthrift ways mean they actually take good care of their employees. Sure, the Dolans are awful people, but they pay really well, and on time. So these Gothamist people will definitely be pulling down some good money while serving out their contract.
Perhaps, but the mandatory attendance at Jimmy Dolans gigs as the leader of JD and the Straight Shot Band can't be much fun.
What an ENORMOUS asshole jerkwad! Denton is taking to the comment section of his website to dish dirt about his competitor? Insecure much?
When I think "U.S. Tax Code" I think "Nick Denton."
I've coined a new acronym for Nick to use when discussing these matters: JAGS (for "Junior Analyst at Goldman Sachs").
JAGS = "chump change."
Gosh, I hope it works out for them. Scary business.
"Take off a hundred thousand here and a hundred thousand there and pretty soon you're not talking real money".
On the bright side, Jen got unlimited breadsticks.
AND salad!
Hospitaliano.
But hold off on the envy.
Perhaps take your own advice, Nick?