Gawker Media, which owns the website Gawker.com that was recently ordered to pay the professional wrestler and actor Hulk Hogan $140 million in an invasion-of-privacy lawsuit, filed for Chapter 11 bankruptcy protection on Friday and put itself up for sale.
Gawker, which was launched by Nick Denton in 2002, is known for its tabloid-type, aggressive brand of coverage that resulted in a long list of enemies it has accumulated along the way, along with Peter Thiel, a Silicon Valley billionaire, who helped Hogan finance his lawsuit against Gawker Media.
Gawker published a video sex tape of Hogan and the estranged wife of radio personality Bubba the Love Sponge in October 2012.
Gawker quickly received a $90 million opening bid from Ziff Davis LLC, a magazine publisher and digital-media company, according to the Wall Street Journal.
Gawker said its bankruptcy filing is "not expected to affect Gawker Media’s normal editorial or business operations for the foreseeable future" in an announcement on its website you can view here.