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Gawker Media files for Chapter 11 bankruptcy protection

New York: Gawker Media has filed for Chapter 11 bankruptcy protection, about three months after pro wrestler Hulk Hogan won a USD 140 million lawsuit against the online gossip and news publisher.

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

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

It was later revealed that billionaire tech investor Peter Thiel had been secretly funding Hogan's lawsuit.

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