Gawker files for bankruptcy following legal battle with Hulk Hogan
Gawker Media filed for Chapter 11 bankruptcy yesterday (June 10) following a lengthy legal battle with Hulk Hogan in which the former pro wrestler sued the digital media company for invasion of privacy after the site published a video of him having sex.
The company is now being put up for auction and publisher Ziff Davis, whose brands include IGN and AskMen, has submitted a bid for $90m to $100m, according to the New York Times.
In a company press release, Gawker Media stated that it has “entered into an asset purchase agreement to sell its seven media brands and other assets to Ziff Davis.”
It also noted that during the bankruptcy auction process, “other bidders may offer a higher price for the company,” noting that Gawker Media will “maintain normal operations” throughout.
Earlier this year, Gawker Media – whose sites include Jezebel, Deadspin and Gizmodo – was ordered to pay Hogan, whose real name is Terry Bollea, $140m in damages. Last month, it was revealed that co-founder of PayPal Peter Thiel has been secretly financing Hogan’s lawsuit because of an article that Gawker’s Valleywag blog posted in 2007 titled “Peter Thiel is totally gay, people,” outing the tech entrepreneur.
Now, Gawker Media is looking to appeal the $140m judgment against it. On Friday, founder of Gawker Nick Denton tweeted the below:
Even with his billions, Thiel will not silence our writers. Our sites will thrive — under new ownership — and we'll win in court.
— Nick Denton (@nicknotned) June 10, 2016