Gawker founder Nick Denton has filed for personal bankruptcy

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Gawker CEO Nick Denton.

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