Gawker, the audacious upstart media company that lost a privacy trial to Hulk Hogan in Florida recently, is paying heavily for its audacity. Today it formally filed for bankruptcy and is entertaining offers from prospective buyers, reports Recode.
But don't wave goodbye to Gawker yet, as it is still a feisty company, and this is not clearly a sign of defeat. In fact it's a sign of more fight. Although it announced its intention to file for Chapter 11, the company's owner Nick Denton said that he intends to continue to publish and to fight the legal battle against Hulk Hogan, sponsored by billionaire Peter Thiel.