According to an exclusive report from Gawker, Avid Life Media—which owns sites such as Ashley Madison and HotOrNot.com—has extended a $20 million offer to purchase Perez Hilton’s website, a bid that should drive the editor of every struggling city newspaper across the country to start drinking a little earlier than usual today. Gawker has the full letter of intent, which outlines how Avid will pay $18 million to Perez up front, then give him another $2 million in escrow for a year in exchange for becoming the owner and operator of PerezHilton.com. What isn’t known yet is what exactly they plan to do with it, though it’s suspected that Avid will use it to forward readers to an all-new gossip blog it plans to establish, Hilton’s participation in which is still in question.