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NEW YORK (CNNMoney) — Gawker Media has filed for Chapter 11 bankruptcy and is in talks to sell the company, a Gawker source said Friday.
The dramatic move was motivated by the company’s expensive legal fight with Hulk Hogan, a court fight that was funded by Silicon Valley investor Peter Thiel.
The filing came on Friday in the federal bankruptcy court in Manhattan.
It came the same day that a Florida judge granted Gawker’s motion to postpone the staggering $140.1 million judgment a jury awarded to Hogan in March in the former professional wrestler’s invasion of privacy trial against the company.
