Gawker Media, owner of the controversial sports blog "Deadspin," has filed for Chapter 11 bankruptcy protection. Gawker has also signed a preliminary "purchase agreement" to sell itself to publisher Ziff Davis.
The twin moves are seen as an attempt by Gawker to to protect its financial assets from Hulk Hogan and the ex-wrestling champion's billionaire backer Peter Thiel. By selling itself, and declaring bankruptcy, Gawker can continue to operate while appealing the staggering $140.1 million judgment won by Hogan (real name Terry Bollea) against the company, founder Nick Denton and ex-editor A.J. Daulerio.
MORE: Hogan: Gawker publisher 'scared the hell out of me'
Back in 2013, Gawker posted the video of Hogan having sex with the wife of a friend without his permission.