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Gawker has filed for bankruptcy protection. Here's what happens next

Gawker has filed for bankruptcy protection. Here's what happens next

In the wake of its recent legal defeat at the hands of a billionaire-backed former pro wrestler, beleaguered news company Gawker Media on Friday filed for bankruptcy protection in New York, listing the recent $130-million judgment against it as by far its biggest liability.

A Florida jury this spring awarded the sum to Terry Gene Bollea, better known as Hulk Hogan, who had sued Gawker for invasion of privacy after the company posted an excerpt of a sex tape featuring Bollea and a friend’s wife.

Silicon Valley billionaire Peter Thiel recently confirmed that he bankrolled Bollea’s suit against Gawker, which years ago had outed Thiel as gay.

Though Gawker...

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