Gawker Media Files Chapter 11 Bankruptcy
Posted on Monday, August 15th, 2016 at 8:13 pm
Gawker media has announced that it will be seeking chapter 11 bankruptcy protection as the company has recently been involved in several expensive lawsuits that resulted in hefty fines for the media giant. The most notable of these lawsuits was a $140 million verdict awarded to Hulk Hogan over Gawker leaking Hogan’s personal video.
Gawker Media will continue its normal operations as prescribed under the chapter 11 Bankruptcy Code. Gawker has also recently announced that the company’s assets will be liquidated in order to fund the appeal of Hogan’s trial. The company and its seven main media brands are expected to be sold at auction later this year to several interested media corporations. The parent company of Gawker Media states that this liquidation will preserve Gawker Media Groups’ other assets as well as save Gawker Media jobs.
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