Peter Thiel is getting closer to his goal: Gawker Media has filed for bankruptcy protection and says it eventually plans to find a new owner for the company.
Gawker and owner Nick Denton are making the Chapter 11 filing today, in order to avoid paying Thiel and Hulk Hogan the $140 million judgement they won in Hogan’s privacy trial earlier this year.
Gawker has told it employees it still plans to fight the Thiel/Hogan case and to operate its publishing business while it does so. But it is also now formally entertaining offers to buy the company and says
it has a firm bid from publisher Ziff Davis to buy the entire operation for less than $100 million.
More here:
http://www.recode.net/2016/6/10/11903764/gawker-bankruptcy-chapter-11-sale-ziff-davis