
The online news site makes its move after suffering a $140 million judgment in the Hulk Hogan lawsuit.
Gawker Media has filed for Chapter 11 bankruptcy after a Florida judge issued a $140 million final judgment in favor of Hulk Hogan in the invasion-of-privacy lawsuit over the posting of a sex tape.
The online news organization founded in 2003 by Nick Denton which now includes other sites like Deadspin, Jezebel and Kotaku, reports that it has less than $100 million in assets and hundreds of millions in liabilities. Gawker is currently facing a wrath of litigation that's been connected to Silicon Valley billionaire Peter Thiel. Besides the Hogan suit, there are claims from a journalist and the alleged inventor of e-mail who both say they were defamed. Gawker is also facing off against the parent company of Daily Mail in court and was hit with a copyright lawsuit this week over a photograph of an Uber car.
http://www.hollywoodreporter.com/thr-esq/gawker-media-files-chapter-11-901536