Hulk Hogan Buries Another As Gawker Files For Bankruptcy

Billionaire investor Peter Thiel was on a mission to destroy Gawker Media. On Friday, he may have scored a victory.

Thiel secretly financed Hulk Hogan's lawsuit against the media company, which he won and was awarded a $140 million judgement. However, Gawker Media announced on Friday it has filed for bankruptcy protection and will seek out a buyer for the company.

Related Link: Remember WCW? Hulk Hogan, Dennis Rodman And Others Earned Some 'Absurd' Salaries

According to Recode, Gawker and its owner Nick Denton will file for Chapter 11 bankruptcy on Friday in order to avoid paying out Hogan's $140 million settlement.

Recode noted Gawker already has a firm bid from publisher Ziff Davis to buy the entire company for less than $100 million. Ziff Davis itself is a holding company that boasts brands including IGN, AskMen and PCMag. It's run by a former Time executive Vivek Shah.

Denton estimated Gawker was worth in the $250 million to $300 million range last year when the Hogan trial was ongoing. Naturally, very few buyers would be interested in acquiring a property in the middle of an ongoing large lawsuit with a known celebrity.

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Posted In: NewsLegalMediaGawkerGawker MediaHulk HoganPeter ThielZiff Davis
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