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Gawker Media Files For Bankruptcy After $140m Ruling Against Them In Hulk Hogan S*xtape Lawsuit

Gawker founder- Nick Denton
Gawker founder- Nick Denton

The parent company of the popular online gossip site Gawker, Gawker Media, has filed for bankruptcy.
Gawker Media recently suffered a crushing $140m ruling against them in a case brought by former wrestler Hulk Hogan for publishing a s*x tape of his without his permission.
The company filed for Chapter 11 bankruptcy, putting its assets on sale as well- to raise the needed capital to fund their appeal against the judgement won by the former wrestler- real name Terry Bollea.
The move is also, in part, aimed at stopping Hogan from taking over the business, according to the Wall Street Journal.
“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 $130 million judgment in the Hulk Hogan case against the company in a Florida state court,” a press release from the company read.
Gawker Media was founded by Nick Denton in 2003, and includes other sites such as Deadspin, Lifehacker, Gizmodo, Jalopnik and Jezebel. Their take no prisoners style of tabloid journalism has won them many enemies over the years, one of whom- billionaire Peter Thiel- funded the effort by Hulk Hogan to sue them for invasion of privacy with the release of his s*x tape, which has eventually driven them to this action.
The company lost the case, and a judge during the week refused to defer the payment of the monumental $140m damages pending their appeal, forcing the immediate filing for Chapter 11.



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