Gawker Media, the online publisher ordered to pay $140 million to former wrestler Hulk Hogan over the publication of a sex tape, filed for bankruptcy and is planning to put itself up for sale. Linda So reports.
Gawker Media has filed for Chapter 11 bankruptcy and plans to put itself up for sale. The move comes after the online publisher recently lost a high-profile case in which it was ordered to pay $140 million to former wrestler Hulk Hogan over the publication of a sex tape. After the ruling, it emerged that billionaire investor Peter Thiel, an early backer of Facebook and a co-founder of PayPay had bankrolled Hogan's lawsuit. In 2007, Gawker published an article that outed him as gay. In March, a jury in Florida awarded $140 million to Hulk Hogan after Gawker published a video clip of the former wrestler having sex with the wife of his then-best friend, radio shock jock Bubba the Love Sponge Clem.