Gawker filed for bankruptcy protection to protect its assets from being seized by Hulk Hogan

You might have heard: A Florida jury ordered Gawker to pay $115 million to Hulk Hogan, a decision that Gawker is now appealing

But did you know: Gawker Media filed for Chapter 11 bankruptcy protection on Friday, while its parent company Gawker Media Group announced that it had agreed to sell itself in an auction supervised by bankruptcy court. Politico reports that Ziff Davis has agreed to buy Gawker’s assets for $90 million to $100 million, though it’s likely that other potential buyers will participate in the auction and could make higher bids. Though it’s filed for bankruptcy, Gawker will continue to operate as normal during the bankruptcy process and Hogan appeals.

+ Once Gawker Media Group is sold, Nick Denton could buy back, if he’s successful in the Hogan appeal (CNN Money)