awker Media has filed for Chapter 11 bankruptcy protection.
The company listed its assets as between $50 and $100 million in the filing and said its liabilities were between $100 million and $500 million.
In March, a Florida jury awarded former professional wrestler Hulk Hogan $140 million in damages after Hogan sued the media company for publishing excerpts of a video showing him having sex with the wife of his then-best friend. Gawker is appealing the decision.
Recode reported that the bankruptcy filing is an effort to prevent the company f-rom having to pay out the damages. Gawker currently has a $100 million bid f-rom Ziff Davis but is hoping for a higher offer, Recode reported.
This is a developing story. Check back for details.