Gawker Media files for Chapter 11 bankruptcy protection

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NEW YORK — Gawker Media has filed for Chapter 11 bankruptcy protection, about three months after pro wrestler Hulk Hogan won a $140 million lawsuit against the online gossip and news publisher.

The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets.

Hogan sued Gawker after it posted a video of him having sex with a friend’s wife. Hogan was awarded $115 million in compensatory damages plus an added $25.1 million in punitive damages.

It was later revealed that billionaire tech investor Peter Thiel had been secretly funding Hogan’s lawsuit.