Gawker Founder Files for Bankruptcy

Gawker founder Nick Denton filed for personal bankruptcy Monday amid the website's battle with Hulk Hogan. Denton listed $10 million to $50 million in assets and $100 million to $500 million in debts, the New York Post reports; Denton owes Hogan $125 million after a jury sided with the wrestler in an invasion of privacy lawsuit filed after Gawker posted Hogan's sex tape online. The jury awarded Hogan $140 million, and Gawker owes the wrestler the other $15 million. Gawker Media Group filed for bankruptcy in June and will be sold at auction this month.

"Gawker Media Group’s resilient brands and people will thrive under new ownership, when the sale closes in the next few weeks. On this bitter day for me, I am consoled by the fact that my colleagues will soon be freed from this tech billionaire’s vendetta," Denton tweeted Monday, referring to PayPal founder Peter Thiel, who funded Hogan's lawsuit. Denton also confirmed the bankruptcy news. Denton is appealing Hogan's invasion of privacy award, but had exhausted all appeals to keep Hogan from beginning to seize his assets. In a recent interview, Denton said that despite the bankruptcy filing, Gawker Media Group is making more money than it was last year. (More Nick Denton stories.)