Gawker founder Nick Denton has filed for personal bankruptcy

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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

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