The move comes after a Florida jury awarded Hulk Hogan $140 million in his lawsuit against Gawker.
Nick Denton
Pool / Getty Images
Gawker Media filed for chapter 11 bankruptcy protection Friday amid a years-long legal battle with former professional wrestler Hulk Hogan.
In March, a Florida jury awarded Hulk Hogan $140 million in his lawsuit against Gawker, finding the media company violated the wrestler's privacy by posting a 90-second clip of him having sex with the wife of his best friend, Bubba the Love Sponge.
Gawker said it will appeal the judgement in hopes of reducing the judgement.
The company will be put up for auction, with with an opening bid of $90 to $100 million from PC Mag owner Ziff Davis, a source confirmed to BuzzFeed News.
The company's decision to sell itself came weeks after it was revealed that tech billionaire Peter Thiel was bankrolling Hogan's lawsuit against the media company.
In an interview with the New York Times in May, Thiel said Gawker "ruined people's lives for no reason," and that several years ago he began funding a team of lawyers to find and help "victims" of Gawker.
Hogan sued the media company in 2012, after Gawker posted a 90-second clip of the professional wrestler having sex. Hogan maintained he did not know he was being filmed and that his privacy had been invaded.
After a three-week trial in Florida, a jury awarded Hogan $115 in damages and an additional $25 in punitive damages.
Thiel, through his spokesperson, declined to comment about the bankruptcy. Messages to Gawker were not immediately returned.
This is a developing story. Check back for updates and follow BuzzFeed News on Twitter.
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