Gawker Media filed for bankruptcy Friday and the company will be put up for auction after a judge ruled that a $140 million jury judgment against it in a costly legal battle with former professional wrestler Hulk Hogan would stand.
The sale auction will begin with an opening bid of $100 million from the digital media company and publisher Ziff Davis LLC, according to a person familiar with the matter.
The sale was triggered after the judge overseeing the invasion-of-privacy case brought by Hulk Hogan—whose real name is Terry Bollea—declined to issue a stay pending Gawker’s appeal. That required the company to put up a $50 million bond.
As a result, Gawker Media will declare bankruptcy in order to continue operating and paying its staff.
But don’t just focus on the gossip site, this is a freakin cornucopia of good luck for the human race because these affiliated properties are also covered by the bankruptcy and most of them will die. DIE. DIE
They will not be missed.
There is some, rightful, concern that this tactic could be used against virtually any media outlet. We’ll have to see if that happens. But the destruction of Gawker is a manifest good for humanity.