Gawker Files for Bankruptcy After Hulk Hogan Sex Tape Suit

According to The New York Times, Gawker Media has just filed for Chapter 11 bankruptcy protection. In March, the media company lost an invasion-of-privacy lawsuit involving Hulk Hogan and was ordered to pay the wrestling icon up to $140 million USD in damages. Founder Nick Denton has been looking to sell the company’s assets after a judge denied its motion to seek a new trial. With no signs it will cease operations, Gawker is, however, looking to restructure under the bankruptcy protection. Furthermore, the company will start an auction and it looks like digital company Ziff Davis has submitted an opening bid of $90 million to $100 million USD to acquire the news site. The bankruptcy filing also allows Gawker to protect jobs and continue operations, but also postpone payments it needs to make to Hogan.