Gawker Files For Bankruptcy Following Hulk Hogan Sex Tape Lawsuit; Thousands of Snarky Commenters in Mourning

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Following weeks of insolvency rumors, Gawker Media - the sleazy blog network that makes PerezHilton.com look like a bastion of journalistic integrity - finally filed for Chapter 11 bankruptcy today.

The move has been anticipated by many ever since a March 18 court ruling in which former pro wrestler Hulk Hogan was awarded $115 million in his lawsuit against the site.

Hulkamania!

That same week, a jury awarded Hogan an additional $25 million, thus putting Gawker on the hook for a total of $140 million.

Both decisions stemmed from the company's decision to post portions of Hogan's sex tape online.

Hogan filed a suit against Gawker for $100 million, alleging a violation of his privacy.

The jury saw it his way and then some  - awarding the iconic wrestler $15 million more than he asked for, and then slapping on an additional $25 million in punitive damages.

It was later revealed that Hogan's legal expenses had been covered by Silicon Valley billionaire Peter Thiel.

Thiel has had beef with Gawker since 2007, when the site outed him as gay.

“It’s less about revenge and more about specific deterrence,” Thiel recently told The New York Times.

The good news for Gawker is that the company can now postpone paying Hogan the colossal sum that it owes him.

The bad news is - well, just about everything else.

Gawker.com confirmed moments ago that all it's parent company will be sold to "another entity."

The official statement adds that the sites under the Gawker Media umbrella will continue normal operations "for the foreseeable future," but confirms that the suit has resulted in "the most significant change to Gawker’s corporate structure in its 14-year history."

Digital publisher Ziff Davis has reportedly already placed a bid, with $100 million as the opening price.

It's tough luck for Nick Denton and the other famously unscrupulous powers that be at Gawker, but as the esteemed Hulkster himself so memorably opined, "Whatcha gonna do, brother?"

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Hulk Hogan Biography

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Hulk Hogan is best known for being the most popular WWE wrestler of all-time. Then again, the destruction of his family - following a... More »
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Hulk Hogan

Hulk Hogan Quotes

I had a real period where I had a tough, tough time. I got caught off guard with this divorce thing. I didn't see it coming. My son is doing better. I pray for my wife every day. I am very grateful because we realize how very blessed we are. Now that we are aware, we are walking in the spirit of God. We are cool. We are way cool.

Hulk Hogan

I was offered lots of [reality] shows when I was making my career comeback against The Rock, but I kept saying no. But years later, it was my daughter’s career and son’s racing career that we were thinking about. We saw the Ashlee Simpson show and Jessica Simpson’s and Lindsay Lohan on the big screen and we just didn’t haven’t a vehicle to compete. But I considered it, because this time it was about the Hogan family rather than Hulk Hogan; they all wanted to do it and I tried to warn them about what they were in for. Now look what happened.

Hulk Hogan