Gawker Media undergoing bankruptcy process

Posted on Tuesday, June 21st, 2016 at 10:48 pm    

Gawker Media Group filed for Chapter 11 Bankruptcy on June 10 to reduce the financial burden caused by a multi-million dollar judgment in a lawsuit, an article of The Washington Post stated.

The New York-based media conglomerate lost a 2012 privacy-invasion lawsuit in March, which was filed by the famous wrestler Hulk Hogan. Gawker was ordered to pay the wrestler general and punitive damages amounting to $140.1 million for posting a sex tape of Hogan and his friend’s wife. Gawker will continue to appeal the judgment while undergoing the  bankruptcy procedure. Although Ziff Davis has offered to buy the company for $90 million, Gawker may accommodate other bidders.

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