Gawker Media files for bankruptcy, to go up for sale

June 10, 2016 8:50 PM

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NEW YORK/ST. PETERSBURG, Fla. Gawker Media LLC, the online publisher ordered by a U.S. court to pay former professional wrestler Hulk Hogan $140 million over the publication of a sex tape, filed for Chapter 11 bankruptcy on Friday and plans to sell itself at auction.

The move will intensify public debate in the United States over the role of big money in media lawsuits. Billionaire investor Peter Thiel, an early backer of Facebook (FB.O) and a co-founder of PayPal (PYPL.O) had bankrolled Hogan's lawsuit.

Also read: Gawker’s Nick Denton Lists His Manhattan Loft for $4.25 Million

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