Former WWE Superstar wrestler, Hulk Hogan has won a bankruptcy suit filed against Gawker Media for publishing a sex tape of him and his friend’s wife.
Founder of Gawker Media, Nick Denton on Monday filed for personal bankruptcy protection in a bid to stop Hulk Hogan from seizing his assets.
The office of the British internet entrepreneur, who controls a 68 percent stake in the news and entertainment website, confirmed the move to AFP.
When asked to comment on the case, Denton’s lawyers gave no further details.
In March, a US jury in Florida ordered that wrestling star Hulk Hogan be allowed to collect $140 million in total compensation after Gawker published a tape of him having sex with a friend’s wife.
Gawker Media filed for Chapter 11 bankruptcy protection in June, also seeking to sidestep a shutdown over the jury’s verdict.
Hulk Hogan Sex Tape Bankrupts Gawker
Denton estimated his assets at $10-15 million, according to a copy of his Chapter 11 individual bankruptcy filing.
Denton had in a memo to his staff, appeared confident about the prospects of Gawker surviving.
After filing for bankruptcy, the embattled US media group said it had reached a deal to sell its media brands to publishing group Ziff Davis.
Gawker CEO, Denton said,
“We can be proud that we survived and prospered as an independent company for more than a decade.
“And have a second act ahead of us, under the shelter finally of a larger media company.”
According to him, he described Hulk Hogan’s motive as a “personal vendetta”.
He also regarded as disturbing to live in a world in which a billionaire can bully journalists.
While Gawker has come under fire for its no-holds-barred approach to celebrity coverage.
The case also raised questions about whether powerful interests can use their resources to silence media for unfavorable coverage.