Gawker Media is seeking Chapter 11 protection, and the company will be put up for auction, Reuters reported on Friday.
According to Recode, Gawker and owner Nick Denton filed for bankruptcy earlier today in order to avoid paying Peter Thiel and Hulk Hogan the $140 million that they won in the wrestler's privacy trial earlier this year.
The website also reported that Ziff Davis has offered to buy the media company for under $100 million. The tech-centric company manages multiple digital titles including IGN, AskMen, and PCMag.
Gawker said its liabilities were estimated between $100 and $500 million, reported Reuters.
Despite the filing, Gawker Media plans to continue publishing and won't cease operations, according to Politico.
The filing was made at the U.S. Southern District of New York and can be found here.
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