Gawker Media Files For Bankruptcy Following Hulk Hogan Lawsuit

Gawker Media, the notorious media company that thrived off celebrity scandals and controversies, has filed for bankruptcy on Friday. Gawker is reportedly bankrupt after losing a lawsuit against WWE superstar Hulk Hogan. Hogan was awarded $140 million in damages by a Florida jury for an invasion of privacy case involving the publication of Hogan’s sex tape by Gawker.

In a filing made in the U.S. bankruptcy court for the Southern District of New York, Gawker said that its assets are worth between $50 million to $100 million, while its liabilities are estimated to be between $100 million to $500 million. Gawker was founded in 2002 by British journalist and internet entrepreneur Nick Denton. The company filed for Chapter 11 bankruptcy on Friday, listing Hollywood Hulk Hogan (real name Terry Bollea) as its biggest creditor.