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National

Gawker files for bankruptcy and is up for sale

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National

Gawker files for bankruptcy and is up for sale

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COMING UP:Gawker files for bankruptcy and is up for sale

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00:00:02
>> Gawker filing for bankruptcy Friday and is going up for sale months after losing $140 million lawsuit brought by former pro wrestler Hulk Hogan. It's a fate that's been looming since a Florida judge ruled in favor Hogan in March. He sued Gawker for posting a sex tape of him without his permission.
00:00:21
But Gawker may have an out, says Reuters reporter Liana Baker.>> So, Ziff Davis is a media company, privately held. It owns a lot of digital media properties like Ask Men, PC Mag, the video game website IGN. So they sent out a memo to employees today saying that they had acquired Gawker.com.
00:00:41
>> Sources tell Reuters Ziff Davis has an agreement to buy Gawker for a little less than $100 million dollars, helping the media company gain other Gawker sites, such as Gizmodo, Life Hacker, and Jezebel. But that sale will only happen if no other bidders step up with better offers in the bankruptcy auction.
00:00:58
In its filing Gawker said its assets are estimated between $50 million to $100 million, but it's liabilities are estimated to be several times higher. The case has been one that's pitted billionaires fighting for privacy against those looking to protect freedom of speech. Hulk Hogan's lawsuit was bankrolled by PayPal co-founder Peter Thiel.
00:01:19
Gawker wrote a story about him being gay. But another billionaire, eBay co-founder Pierre Omidyar and his First Look Media have been vocal about supporting the gossip website. Gawker has vowed to appeal the verdict, and in a post-trial hearing Florida on Friday tried to seek a court order blocking Hulk Hogan from collecting the $140 million.