Gawker Media files for bankruptcy after losing legal battle with Hulk Hogan

Gawker Media LLC, bruised after losing a costly legal battle with professional wrestler Hulk Hogan, has filed for Chapter 11 bankruptcy protection, according to a filing. The digital publisher was sued by Hogan, whose real name is Terry Bollea, for violating his privacy by posting a clip of him having sex with the ex-wife of a friend. A jury awarded the wrestler $140 million in damages. Gawker had hired an investment banker to explore its options, including a possible sale, The Wall Street Journal reported. The filing was made with the U.S. Bankruptcy Court for the Southern District of New York.

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