Gawker media has filed for Chapter 11 bankruptcy protection. The media company plans to put itself for the auction, and has told its employees that it will continue its publishing business. Gawker was recently jolted after a court ruled against it in the favor of famous wrestler Hulk Hogan. Famous entrepreneur Peter Thiel is supporting Hulk Hogan in the case. The court has ordered Gawker to pay Hogan $140 million in damages.
Gawker also said it has many offers. One of these bids is from publisher Ziff Davis to buy the entire business for less than $100 million. Last year, Gawker’s owner said that the company was worth $250 million to $300 million.