Hulk Hogan 1 - 0 Gawker.
It's another
take down for Hulk Hogan, (yes, that's the first and last wrestling term I'll be attempting to use), as online news site Gawker Media files for bankruptcy.
The move comes after a $140 million (€124.15 million) court ruling in favour of Hulk Hogan, following
an invasion-of-privacy lawsuit over the publishing of a sex tape.
Founded in 2003 by Nick Denton, the is also responsible for sites sister Deadpin, Jezebel, Life Hacker and Kotaku.
Today, Gawker Media filed for Chapter 11 bankruptcy and is reportedly entertaining bids.
According to
CNBC, filings showed that the media organisation has assets of $50 million to $100 million and liabilities of $100 million to $500 million.
The damages were awarded to Hogan after a jury decided that the media company had violated Hogan’s privacy by publishing a video of him having sex with his former best friend's wife in 2012. The punitive damages were awarded as a punishment to the company and are intended to deter other media companies from committing the offence.
