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Gawker Media Files For Bankruptcy; Will Be Auctioned Off
WHAT YOU GONNA DO WHEN HULKAMANIA BANKRUPTS YOU???
Gawker Media is finding that out the hard way after a court awarded legendary WWE wrestler Hulk Hogan $140 Million in a legal judgment stemming from an invasion-of-privacy lawsuit.
BREAKING: Gawker Media files for bankruptcy.
— CNBC Now (@CNBCnow) June 10, 2016
“The company is beginning an auction, said the person, who spoke on condition of anonymity because the auction has not been announced. ZiffDavis, a digital media company, has submitted an opening bid of $90 million to $100 million, the person said.
The person said Gawker has filed for bankruptcy to protect jobs and ensure continued operations. The company’s decision to sell itself came just weeks after it was revealed that the Silicon Valley billionaire Peter Thiel financially supported Mr.Hogan’s lawsuit. The company still plans to appeal the case.”
Makes you wonder what happens to Deadspin, Lifehacker, Jezebel, and many more now.