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.
Even with his billions, Thiel will not silence our writers. Our sites will thrive — under new ownership — and we'll win in court.— Nick Denton (@nicknotned) June 10, 2016
The media company is currently appealing the Hogan case.