![]() ![]() ![]() Gawker said the footage was newsworthy information about a public figure, and protected by the First Amendment. Hogan sued Gawker after it posted a video of him having sex with a friend's wife. The New York publisher said in the filing that it has as much as $500 million in debt and up to $100 million in assets. Gawker filed for Chapter 11 bankruptcy protection about three months after Hogan won a lawsuit against the online gossip and news publisher. The move also allows Gawker's web sites to keep operating normally, the company says. "With stronger backing and disentangled from litigation, (Gawker writers) can perform their vital work on more platforms and in different forms." "We have been forced by this litigation to give up our longstanding independence," Gawker founder Nick Denton said in a statement. The sale will help it fund its appeal against the Hogan judgment in a Florida state court. Gawker says it plans to sell itself to publishing company Ziff Davis, although other bidders could emerge during the bankruptcy court auction. Thiel's secret role sparked anxiety over the possibility that more wealthy individuals might cow publications by covertly funding lawsuits against them. The 14-year-old Gawker group had 44.4 million unique visitors in April across its seven websites, which include Deadspin, Lifehacker, Gizmodo, Jalopnik and Jezebel, according to data provider comScore Inc.The filing by the 14-year-old website follows the revelation in May that Silicon Valley billionaire Peter Thiel bankrolled Hogan's lawsuit as what he called a "deterrent" to Gawker's no-holds-barred and sometimes gonzo style of journalism. ![]() Bollea's privacy whether it be in the bankruptcy court or any other court," David Houston, an attorney for Hogan, whose real name is Terry Bollea, said in a statement on Friday. ![]() "We have every intention to continue to pursue our judgment against Gawker and to hold them accountable for violating Mr. The jury awarded a further $25 million in punitive damages against Gawker Media founder Nick Denton. In March, a jury awarded $60 million (53.3 million euros) to former professional wrestler Hulk Hogan for emotional distress and $55 million for economic damages, after Gawker published in 2012 a video clip featuring Hogan having sex with the wife of his then-best friend, the radio shock jock Bubba the Love Sponge Clem. Thiel's secret role has raised concern over the possibility that more wealthy individuals might cow publications by covertly funding lawsuits against them. Gawker said in a statement the decision to put its properties up for sale was the result of " a coordinated barrage of lawsuits intended to put the company out of business and deter its writers from offering critical coverage."Įxecutives at Gawker Media told employees on Friday that the "company has filed for Chapter 11 bankruptcy due to Silicon Valley billionaire Peter Thiel’s third-party funding of several lawsuits against the company." Peter Thiel Image: picture-alliance/AP Photo/B. Seeking protection of its remaining assets under US bankruptcy code Chapter 11, Gawker said the brands would be sold "free and clear of legal liabilities and maximize value for all stakeholders." The insolvency news was followed by an announcement that Gawker had agreed to sell its seven brands to Ziff Davis publishing group. Online publisher Gawker media filed for Chapter 11 bankruptcy on Friday and announced plans to sell itself at auction. ![]()
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