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Gawker Files For Bankruptcy After Loss To Hogan Lawsuit

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Hulk Hogan sued Gawker after they released sex tapes that included himself and Bubba The Love Sponge’s then-wife Heather Clem. The case went to trial, and the jury awarded Hogan $115 million in damages. Hogan was awarded an additional $25 million for punitive damages. Gawker owing Hogan $15 million, Gawker website owner Nick Denton owing $10 million, and former Gawker editor A.J. Daulerio owing $100,000.

Gawker was back in court on Friday morning to try and get a judge to postpone the $140.1 million judgment awarded to Hogan. The judge issued a $140 million final judgment in favor of Hogan. This has led to Gawker Media filing for Chapter 11 bankruptcy.

Gawker plans to find a new owner for the company and has a “firm bid” from Ziff Davis to buy the company for under $100 million, according to Recode.

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