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UPDATE: Gawker files for bankruptcy, to sell itself to Ziff Davis

In this Monday, March 21, 2016, file photo, Hulk Hogan, whose given name is Terry Bollea, left, looks on in court moments after a jury returned its decision in St. Petersburg, Fla. Billionaire tech investor Peter Thiel has been secretly funding Hulk Hogan's lawsuit against Gawker Media for publishing a sex tape, according to reports in Forbes and The New York Times.
In this Monday, March 21, 2016, file photo, Hulk Hogan, whose given name is Terry Bollea, left, looks on in court moments after a jury returned its decision in St. Petersburg, Fla. Billionaire tech investor Peter Thiel has been secretly funding Hulk Hogan's lawsuit against Gawker Media for publishing a sex tape, according to reports in Forbes and The New York Times. In this Monday, March 21, 2016, file photo, Hulk Hogan, whose given name is Terry Bollea, left, looks on in court moments after a jury returned its decision in St. Petersburg, Fla. Billionaire tech investor Peter Thiel has been secretly funding Hulk Hogan's lawsuit against Gawker Media for publishing a sex tape, according to reports in Forbes and The New York Times.

By Associated Press 2 min read

NEW YORK – Gawker is filing for bankruptcy protection and will sell itself rather than pay $140 million to pro wrestler Hulk Hogan.

The company says it plans to sell itself to publishing company Ziff Davis.

Gawker filed for Chapter 11 bankruptcy protection, about three months after Hogan won a lawsuit against the online gossip and news publisher. The sale will be conducted through bankruptcy court so other bidders could emerge.

The New York company said in the filing that it has as much as $500 million in debt and up to $100 million in assets.

Hogan sued Gawker after it posted a video of him having sex with a friend’s wife. Hogan was awarded $115 million in compensatory damages plus an added $25.1 million in punitive damages.