(The Wrap-Up Magazine) This is sad to say, but one of the biggest blog sites in American history has filed for bankruptcy due to the lawsuit filed from former champ Hulk Hogan. Gawker Media Group, Inc filed for Chapter 11 bankruptcy on Friday. The move was made to protect assets from seizure by Hulk Hogan, who sued and won a $140.1 million judgment in March. Ziff Davis, owner of PC Mag, opened the bidding at $90-$100 million.
Gawker Media is an online media company and blog network, founded and owned by Nick Denton and based in New York City. It is considered to be one of the most visible and successful blog-oriented media companies.