Hulk Hogan and billionaire Peter Theil may have just landed the final leg drop on Gawker media. The $140 million judgment against Gawker for posting Hulk Hogan’s sex tape, was upheld by a New York Judge this week after Gawker unsuccessfully asked for a stay of the jury’s decision.
This decision puts the media giant and its affiliates in immediate jeopardy and has forced them to file for chapter 11 bankruptcy protection. Gawker also announced that many of their assets will be sold to digital media company, Ziff Davis.
Gawker plans to appeal the ruing, but the damage to the online giant may be too much to recover from. Gawker owns many popular blogs including Deadspin, Gizmodo, Jezebel, Kotaku and Lifehacker. There is no word on how the asset sale to Ziff Davis will impact these media properties.