Gawker Media has filed for Chapter 11 bankruptcy protection and will reportedly be put up for auction, Dow Jones reports:
The announcement was made just weeks after a Florida judge ruled against the website in a $140 million lawsuit involving the wrestler Hulk Hogan, who argued his privacy was invaded after Gawker published a sex tape in which he appeared. Gawker Media asked for the judge to either reduce the judgment or give them time to appeal, but the ruling was upheld and on Friday the judge denied the stay.
Gawker Media — which was founded in 2003 and includes other sites like Deadspin, Jezebel, and Kotaku — has reported that it has less than $100 million in assets. Politico reports Gawker currently has no plans to discontinue operations.
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