Gawker Media has filed for bankruptcy and the company will be put up for auction after a judge ruled that a $140 million jury judgment against it in a costly legal battle with Hulk Hogan would stand.
Gawker was trying to get a judge to postpone the $140 million awarded to Hogan but there was no such luck. Hogan was awarded $140 million following his lawsuit dating back to 2012 after Gawker published portions of a sex tape that was recorded without his knowledge.
According to a report by Recode.net, Gawker is trying to sell the company to publishing company Ziff Davis. Ziff Davis owns IGN, AskMen, PC Mag and others.