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Besieged Gawker Media Files for Bankruptcy Protection The company has been embroiled in an expensive legal battle with wrestler and entertainer Hulk Hogan, who is backed by wealthy investor Peter Thiel.

By CNBC Staff

entrepreneur daily

This story originally appeared on CNBC

Getty Images via CNBC
Nick Denton, founder of Gawker.

This story is developing. Please check back for further updates.

Gawker Media filed for Chapter 11 bankruptcy protection in New York on Friday, and reports say the company may be entertaining bids.

The media company, known for blogs like Jezebel and Deadspin, had assets of $50 to $100 million and liabilities of $100 million to $500 million, filings showed.

Gawker is formally entertaining bids to buy the company, including one from publisher Ziff Davis, technology blog Recode reported.

"[Gawker] says it has a firm bid from publisher Ziff Davis to buy the entire operation for less than $100 million. Gawker and its banker Mark Patricof assume that the company will eventually see higher bids while it is in bankruptcy protection. Last year, in advance of the Hogan trial, Denton figured his company was worth something in the $250 million to $300 million range."

Gawker has been embroiled in an expensive legal battle with wrestler and entertainer Hulk Hogan, who is backed by wealthy investor Peter Thiel. Gawker has engaged bankers "for quite some time" as a contingency plan for the legal battle, and had reportedly been exploring a sale.

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