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 CEO Nick Denton vowed on Twitter that the company will survive.
Even with his billions, Thiel will not silence our writers. Our sites will thrive — under new ownership — and we'll win in court.— Nick Denton (@nicknotned) June 10, 2016
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.
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.— Eric Schneiderman (@AGSchneiderman) June 10, 2016
- Updated at 2:48 p.m.