Hulk Hogan hit Gawker with the leg drop, and the online media company couldn’t kick out.
Gawker Media on Friday filed for bankruptcy and will be put up for auction. The decision comes after Gawker lost a lawsuit to Hogan, as the former professional wrestler sued the company for its decision to publish a clip of a sex tape involving Hogan. A jury ruled in favor of Hogan to the tune of $140 million, a decision that later was upheld by a judge.
The Wall Street Journal reported Friday that the auction for Gawker — which includes websites like Deadspin and Jezebel — will begin with an opening bid of $100 million from digital media company Ziff Davis LLC.
By filing for bankruptcy, Gawker ensures its employees will be able to keep their jobs and the company can continue to operate. Ultimately, the decision allows the company to stay afloat while it goes through sale process.
Hogan, whose real name is Terry Bollea, originally was awarded a $115 million verdict by a Florida jury in March. Not long after, Hogan was awarded even more money, with a jury ruling he was owed an additional $25 million in punitive charges.
Not surprisingly, Hogan took to Twitter shortly after the news broke to voice his opinions on the matter.
Thumbnail photo via Kyle Terada/USA TODAY Sports Images
