Gawker Media files for bankruptcy following $140M Hulk Hogan judgment
Gawker Media filed for Chapter 11 bankruptcy ahead of a planned auction sale Friday after a $140 million judgment in the Hulk Hogan lawsuit, according to reports.
The former professional wrestler sued the company for releasing his private sex tape. He won the massive payout from the media company in March, but Gawker is appealing the decision.
The auction will open at $100 million, The Wall Street Journal reported.
Gawker had asked a Florida judge overseeing the case to grant them a stay pending their appeal of the invasion-of-privacy case.
Click here to read more