Hogan, whose real name is Terry Bollea, sued the media- and celebrity-focused website in 2012 over the publication of a tape showing him having sex with a friend’s wife, claiming the publication cost him endorsements and inflicted emotional harm. Bankruptcy would allow the assets to be sold “free and clear” of legal liabilities, the company said. The bankruptcy and sale “are intended to preserve the value” of Gawker and fund its appeal of the Hogan verdict, according to the statement. “Gawker Media Group is putting its properties up for sale after a coordinated barrage of lawsuits intended to put the company out of business and deter its writers from offering critical coverage,” the company said in the statement, adding that it failed to persuade the Florida court to stay the litigation while Gawker challenges the verdict. Ziff Davis agreed to pay around $100 million, according to a person familiar with the matter, who asked not to be identified because the pricing isn’t public. Gawker said in a statement that Ziff Davis has agreed to purchase its assets if no better offers emerge in a court-supervised auction. It listed a $130 million claim from the Hogan case as “disputed” in its Chapter 11 petition, filed Friday in Manhattan. The digital media company also asked the court to shield founder and chief executive officer Nick Denton from the Hogan suit and other litigation. The bankruptcy would shield New York-based Gawker from paying the potentially crippling damages awarded by a Florida jury while the company seeks a buyer.
Gawker loses millions professional#
“We expect the upcoming release of improperly sealed documents, important evidence that the jury should have been able to see, will begin revealing the true facts that the jury deserved to know about during deliberations.Gawker Media filed for bankruptcy and put itself up for sale after losing a $140 million invasion-of-privacy suit brought by former professional wrestler Hulk Hogan and funded by tech billionaire Peter Thiel. “There is still more to the story,” Gawker said. The company also hinted at the upcoming release of “improperly sealed documents.” Bubba should have been required to appear in court and explain what really happened.” “The jury was only able to hear a questionable version of events. “ Hulk Hogan‘s best friend Bubba the Love Sponge - who made the tape and offered up his wife in the first place - originally told his radio listeners that Hulk Hogan knew he was being taped,” the company said. In a statement issued earlier Friday, Gawker complained that Clem had not been ordered to take the stand. In closing arguments on Friday, Hogan’s attorney slammed Gawker for not reaching out to Hogan or anybody else involved in the tape before publishing the footage. Gawker, meanwhile, maintained that its 2012 publication of the footage was protected by the First Amendment.ĭuring the trial, Hogan (real name: Terry Bollea) testified that he was being recorded during the sexual encounter, and only became aware of its existence through media reports.Įarlier, he testified that the publication of the sex tape has “turned my world upside-down,” adding, “I was completely humiliated.”Īlso Read: Hulk Hogan Testifies in $100 Million Sex-Tape Lawsuit
Gawker loses millions trial#
Hogan filed a $100 million suit against Gawker, maintaining that the site invaded his privacy when it published excerpts of a sex tape featuring the wrestling legend and the then-wife of his friend, radio shock jock Todd “Bubba the Love Sponge” Clem.Īlso Read: Hulk Hogan Trial Shocker: 'I Do Not Have a 10-Inch Penis' That’s why we feel very positive about the appeal that we have already begun preparing, as we expect to win this case ultimately,” he concluded.
Gawker loses millions full#
“I want to thank our lawyers for their outstanding work and am confident that we would have prevailed at trial if we had been allowed to present the full case to the jury. “Given key evidence and the most important witness were both improperly withheld from this jury, we all knew the appeals court will need to resolve the case,” Denton said.Īlso Read: Hulk Hogan Wins Sex Tape Lawsuit Against Gawker Mediaĭenton noted that Gawker had already begun to prepare its appeal of the case. In a statement provided to TheWrap, Denton also complained that “key evidence and the most important witness” in the case were not presented to the jury. After being slapped with a $115 million verdict in the Hulk Hogan sex tape case on Friday, Gawker founder Nick Denton said that the case will be appealed.
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