Gawker founder Nick Denton has filed for personal bankruptcy
NEW YORK (AP) – Gawker founder Nick Denton has filed for personal bankruptcy in the aftermath of a Florida jury’s awarding $140 million to Hulk Hogan in a privacy case revolving around a sex tape posted on Gawker.com.
As a result of the verdict, which is being appealed, Gawker’s parent company has gone into bankruptcy and is up for sale.
Denton’s bankruptcy filing Monday says he owes $125 million to Hogan. Filing for bankruptcy helps him keep Hogan from collecting.
Denton tweeted on Monday that it was a “bitter day” for him but that Gawker Media would “thrive” under new owners. An auction is scheduled for mid-August.
Silicon Valley billionaire Peter Thiel bankrolled Hogan’s lawsuit against Gawker, raising concerns about the power of the wealthy against the media.
By TALI ARBEL, AP Technology Writer