Gawker Media has filed for bankruptcy, and founder Nick Denton says he plans to sell the company. The move comes after a judge in Florida reportedly allowed a $140 million dollar judgment against Gawker to stand.
Gawker's legal troubles began in 2012, with publication of sex tape footage involving wrestler Terry G. Bollea, better known as Hulk Hogan. Bollea initially sought $100 million in damages in his suit against the company for its release of a video of him having sex with the wife of a radio shock jock.
In March 2016, a jury awarded Bollea $115 million and then an additional $25 million in punitive damages. The New York Times reported that Gawker Media planned to auction off its assets and filed for Chapter 11 bankruptcy after the stay was denied
http://www.snopes.com/2016/06/10/gawker-files-for-bankruptcy/
