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Gawker Files for Bankruptcy After Losing Hulk Hogan Privacy Case

  • Web company files strategic bankruptcy after sex-tape verdict
  • Chapter 11 opens way for sale ‘free and clear’ to Ziff Davis
Bloomberg business news

Gawker Media Files for Bankruptcy

Updated on

Call it the Chapter 11 inverted headlock. 

Gawker Media has deployed a desperation move to slip out of a potentially crippling $140 million jury verdict in the invasion-of-privacy case brought by former pro wrestler Hulk Hogan and funded by tech billionaire Peter Thiel: The digital-media company filed for bankruptcy Friday to sell its assets to publisher Ziff Davis or another bidder -- free and clear of legal liabilities.