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Gawker files for bankruptcy protection, will go up for sale

Gawker files for bankruptcy protection, will go up for sale
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Gawker Media, pressured by a $140 million judgment in a lawsuit, filed for bankruptcy protection Friday and plans to put itself up for sale, according to multiple reports.

The company will enter Chapter 11 bankruptcy after a judge denied its request to delay his order in the invasion-of-privacy lawsuit until it could appeal the ruling.

Gawker was ordered to pay $140 million in damages to former wrestling entertainer Hulk Hogan — whose real name is Terry Bollea — for publishing a sex tape involving him. The lawsuit is backed by Silicon Valley billionaire Peter Thiel, a major conservative donor.

Gawker received an opening bid of $100 million from digital media company Ziff Davis to buy the operation, according to The New York Times and Recode.

Gawker CEO Nick Denton vowed on Twitter that the company will survive.

New York Attorney General Eric Schneiderman weighed in Friday afternoon, tweeting that “freedom of the press is a cornerstone of our nation.”

“Like them or not, sad to see NYC media giant @Gawker forced to the brink,” he added.

- Updated at 2:48 p.m.