Gawker Files For Bankruptcy After Losing Hulk Hogan Lawsuit

Gawker Media has filed for bankruptcy, and find itself on the auction block after being ordered to pay out $140 million dollars in damages after losing it's Hulk Hogan sex tape case. Cenk Uygur, John Iadarola, Jimmy Dore and Mark Thompson discuss on The Young Turks power panel. Do you agree with TYT’s opinion? Tell us what you think in the comment section below.

Read more here: http://www.nytimes.com/2016/06/11/bus...

“Gawker Media, under pressure from a $140 million legal judgment and facing a determined foe in the Silicon Valley billionaire Peter Thiel, has filed for Chapter 11 bankruptcy and is putting itself up for sale.

The company is beginning an auction, and Ziff Davis, a digital media company, has submitted an opening bid. That bid was for $90 million to $100 million, according to a person briefed on Gawker’s plans, who spoke on condition of anonymity.

Such an offer is known as a stalking-horse bid, meant to set a floor in a court-supervised auction.

Gawker said in a news release that it would “maintain normal operations” during the sales process. Filing for Chapter 11 stays claims from creditors, including court judgments — meaning Gawker would not need to begin paying the $140 million that was awarded in March to the professional wrestler Hulk Hogan, whose name is Terry G. Bollea, in an invasion-of-privacy case involving the publication of a sex tape. It also allows companies more time and more control as they reorganize themselves. The company still plans to appeal the case.”

Hosts: Cenk Uygur, John Iadarola, Jimmy Dore, Mark Thompson

Cast: Cenk Uygur, John Iadarola, Jimmy Dore, Mark Thompson

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