The News
Sunday 21 of July 2024

Gawker Media Files for Chapter 11 Bankruptcy Protection


People walk past a building that lists offices for Gawker Media in New York,photo: Reuters/Brendan McDermid
People walk past a building that lists offices for Gawker Media in New York,photo: Reuters/Brendan McDermid
The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets

NEW YORK — Gawker Media has filed for Chapter 11 bankruptcy protection, about three months after pro wrestler Hulk Hogan won a $140 million lawsuit against the online gossip and news publisher.

The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets.

Hogan sued Gawker after it posted a video of him having sex with a friend’s wife. Hogan was awarded $115 million in compensatory damages plus an added $25.1 million in punitive damages.

It was later revealed that billionaire tech investor Peter Thiel had been secretly funding Hogan’s lawsuit.