Gawker Media, under pressure from a $140 million legal judgment in an invasion-of-privacy lawsuit by the former wrestler Hulk Hogan, is putting itself up for sale, according to a person briefed on the plan. The company filed for Chapter 11 bankruptcy on Friday after a judge overseeing the suit against the company entered the full judgment and denied Gawker’s request for a stay under terms the company could meet.
The company is beginning an auction, said the person, who spoke on condition of anonymity because the auction has not been announced. ZiffDavis, a digital media company, has submitted an opening bid of $90 million to $100 million, the person said.
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