Gawker Media files for bankruptcy

The publisher, facing heavy hits after losing a legal battle against Hulk Hogan, is auctioning off its assets. Its chief promised the publication would keep its ‘authentic writing.’

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On Friday, the company filed for Chapter 11 bankruptcy.

The move came after a judge in Florida diminished Gawker Media Group’s chances of appealing a ruling that will force the company—which owns Gawker , Deadspin, Jezebel, Lifehacker and Gizmodo, among others—to pay former wrestler Hulk Hogan $140 million.

The company is also facing pressure from tech billionaire Peter Thiel, who is financially backing legal cases against it.

From here, Gawker’s assets are expected to be sold in an auction.

Digital media outfit Ziff Davis was the first to put up a bid for the company, and The New York Times reported that the bid is between $90 million and $100 million.

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