Gawker Media has filed for bankruptcy amid rumors that the company is up for sale. Gawker’s misfortune began when they published a sex tape of former wrestler Hulk Hogan and his friend’s wife in 2012.
Hulk Hogan sued Gawker Media in a lawsuit which was sponsored by Silicon Valley investor Peter Thiel. At the end of the legal proceeding, a jury awarded Hulk Hogan the staggering compensation sum of $140.1 million in March.
The company has filed for bankruptcy as its last resort to avoid paying Hulk Hogan the judgment sum even as they continue to appeal the judgment.
A Florida judge granted Gawker’s motion to postpone the $140.1 judgment on Friday morning amid reports that a bid of about $100 million had been received by the company.