Gawker Media has filed for bankruptcy.
In court papers filed in the Southern District Court of New York, the parent company of websites like Gawker, Jezebel and Deadspin filed for Chapter 11.
[dcquiz] The move comes after a Florida judge awarded Hulk Hogan a $140 million settlement in a lawsuit stemming from the site’s publication of an unauthorized sex tape featuring the professional wrestler.
The company’s bankruptcy petition lists its assets as between $50 million and $100 million. Its liabilities are between $100 million and $500 million.
The Wall Street Journal reported that Gawker will be put on the auction block with a starting bid of $100 million.
Read Gawker’s bankruptcy petition.
Gawker’s founder, Nick Denton, signed the court papers.
Hulk Hogan’s legal expenses for his lawsuit have been financed by billionaire Peter Thiel. The tech entrepreneur was reportedly upset that a Gawker reporter “outed” him as gay in a 2007 article.