Gawker Media files for bankruptcy amid Thiel lawsuits

Did Peter Thiel get his wish?

Gawker Media, battling a series of lawsuits bankrolled by Thiel, filed for bankruptcy today, according to documents surfaced by Nieman Lab.

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Gawker’s legal struggles began in 2012, when celebrity wrestler Hulk Hogan — whose real name is Terry Gene Bollea — sued Gawker for publishing clips of his sex tape. Four years later, in March, a jury awarded Bollea a verdict totaling $140.1 million.

Gawker CEO Nick Denton, meanwhile, publicly posed an intriguing theory: that Bollea’s lawsuit was bankrolled by someone with an interest in harming Gawker. Soon after, Forbes revealed Thiel’s secret involvement in the Hulk case, in addition to others.

Following that revelation, a report by the Wall Street Journal claimed Gawker had “hired an investment banker to explore strategic options including a potential sale.” And today, the New York Times reported that Ziff Davis, owner of media brands like IGN, PC Magazine, and Ask Men, is among the companies interested in acquiring Gawker.

We’ve reached out to Gawker for more information on the filing.

Update 12:15 p.m. PT: Gawker Media says it “has entered into an asset purchase agreement to sell its seven media brands and other assets to Ziff Davis. Via Cyrus Farivar.