The company wouldve been forced to turn over its assets to the wrestler to stay his $140 million judgment, so it petitioned the courts for emergency protection.
In what is either an interim victory for Gawker hater and Silicon Valley billionaire Peter Thiel or a prudent maneuver by Gawker Media founder Nick Denton, the online media company declared bankruptcy Friday and has has put itself up for sale as it confronts a $140.1 million judgment in Hulk Hogans sex video lawsuit.
According to the tech news web site Recode, the Ziff Davis digital publishing company has entered a binding offer of around $100 millionthough it may end up paying moreto purchase Gawker Media Groups flagship news and gossip site and the six others that comprise Denton…
Read the full article at: http://www.thedailybeast.com/articles/2016/06/10/gawker-declared-bankruptcy-to-stop-hulk-hogan-from-taking-it-over.html