Online News Site Gawker Files For Bankruptcy!

Founder of Gawker, Nick Denton
Founder of Gawker, Nick Denton

Gawker Media has filed for bankruptcy amid rumors that the company is up for sale. Gawker’s misfortune began when they published a sex tape of former wrestler Hulk Hogan and his friend’s wife in 2012.

Hulk Hogan
Hulk Hogan

Hulk Hogan sued Gawker Media in a lawsuit which was sponsored by Silicon Valley investor Peter Thiel. At the end of the legal proceeding, a jury awarded Hulk Hogan the staggering compensation sum of $140.1 million in March.

The company has filed for bankruptcy as its last resort to avoid paying Hulk Hogan the judgment sum even as they continue to appeal the judgment.

A Florida judge granted Gawker’s motion to postpone the $140.1 judgment on Friday morning amid reports that a bid of about $100 million had been received by the company.

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