Gawker Files for Bankruptcy, Will Be Put Up for Auction

Gawker Files for Bankruptcy, Will Be Put Up for Auction
wsj.com

  - Peter Thiel, Tech Billionaire, Reveals Secret War with Gawker[1]
  - Hulk Hogan awarded payout over Gawker sex tapes[2]
  - $115M verdict in Hulk Hogan sex-tape lawsuit could wipe out Gawker[3]

[2] https://news.ycombinator.com/item?id=11315985

[3] https://news.ycombinator.com/item?id=11318100

1) Gawker was garbage dwelling story makers. I am glad they aren't going to do stories anymore.

2) Who will it be the next time something happens like this will it be a actual journalist and good content producer that gets sued to death? Scared for journalist????

Also would be nice to see LifeHacker survive this.

Gawker Media filed for bankruptcy Friday 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 former professional wrestler Hulk Hogan would stand.

The sale auction will begin with an opening bid of $100 million from the digital media company and publisher Ziff Davis LLC, according to a person familiar with the matter.

The sale was triggered after the judge overseeing the invasion-of-privacy case brought by Hulk Hogan—whose real name is Terry Bollea—declined to issue a stay pending Gawker’s appeal.

Proceeds from a sale will go into a fund to finance further litigation costs and cover whatever damages may ultimately be leveled following the appeals process, which could take years to resolve.

Two weeks ago, it emerged that Silicon Valley billionaire and investor Peter Thiel has been financing Mr. Bollea’s legal fight and other such battles involving people who Mr. Thiel feels have been targeted unfairly by the media company.