Friday June 10th, 2016

Your teams. Your favorite writers. Wherever you want them. Personalize SI with our new App. Install on iOS or Android.​

Gawker Media filed for Chapter 11 bankruptcy on Friday to protect its assets from former professional wrestler Hulk Hogan.

Hogan won a $140.1 million lawsuit against the company in March, which involved a sex tape it published of him from 2006. When Gawker representatives asked the presiding judge to reduce Hogan’s earnings from the suit, or at least issue a routine stay to give the company more time to appeal the decision, both requests were denied.

Gawker, whose network includes Jezebel and Deadspin, had assets of $50 to $100 million and liabilities of $100 to $500 million, according to filings. 

In a statement, Gawker said that PC Mag owner Ziff Davis had agreed to purchase its assets. Ziff Davis’s bid is reportedly for an amount between $90 and $100 million, though additional offers are expected to be received.

Gawker founder Nick Denton tweeted that the company would continue to function despite its bankruptcy.  

• The Hulk Hogan vs. Gawker legal saga, explained

The media company is currently appealing the Hogan case.

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.