Gawker Media has filed for Chapter 11 bankruptcy. The move was made in order to avoid paying Terry “Hulk Hogan” Bollea the $140 million judgement awarded by a Florida judge.
The filing doesn’t mean much right now. Gawker will continue to operate as usual while bidders come forward and it works through the appeals process. PC Mag owner Ziff Davis has already offered between $90 and $100 million for Gawker.
Whatever the sale price ends up being, that money will be put on hold until the appeal is either awarded or denied. If it’s awarded, the money will go to Gawker founder Nick Denton and other shareholders. If the appeal is denied, the sale money will go to Bollea.