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Online publishing powerhouse Gawker Media has filed for bankruptcy in the wake of its court loss to pro wrestler Hulk Hogan.
The media firm will also be put up for auction, with fellow US media corporation Ziff Davis making an initial bid, Gawker reported. It added that “several additional buyers” were also expected to join the bidding process.
The news comes a few months after a jury awarded Hogan US$140-million in damages.
The pro wrestler and reality TV star took Gawker to court after it published a sex tape featuring him.
In an interesting turn of events, Hogan was funded by billionaire and PayPal co-founder Peter Thiel, who was outed as gay by Gawker.com in 2007.
What happens to websites, staff?
“The filing is not expected to affect Gawker Media’s normal editorial or business operations for the foreseeable future,” the website reported.
An excerpt of parent company Gawker Media Group’s statement was also published, shedding light on the decisions.
“The sale and filing are intended to preserve the value of GMG’s pioneering digital news business, safeguard the jobs of journalists and other staff, and allow GMG to fund the appeal against the US$130-million (sic) judgment in the Hulk Hogan case against the company in a Florida state court.”