USA Today is reporting that Gawker Media filed for Chapter 11 bankruptcy protection on Friday and has put all assets up for sale. This comes weeks after the media outlet was ordered to pay around $140 million to WWE Hall of Famer Hulk Hogan after Hogan filed a lawsuit against the company for the distribution of his sex tape online.
Gawker Media properties Gizmodo, Lifehacker and Deadspin are expected to continue operations during the ongoing bankruptcy proceedings. Ziff David, the digital publisher for AskMen, PCMag and Computer Shopper, has placed a bid for Gawker’s assets (estimated to be around $100 million for the opening price) prior to a scheduled auction.
Hogan issued a tweet in response to the news today.