Gawker Media readies for auction after filing for bankruptcy

New York

GAWKER Media, driven into bankruptcy last week after losing an invasion-of-privacy lawsuit to Hulk Hogan, is seeking to wrap up an asset sale by early August.

The digital media company filed court papers on Monday proposing a July 29 auction with an opening bid of US$90 million from Internet firm Ziff Davis - which agreed to assume some liabilities, but not the US$130 million damages awarded in the lawsuit brought by former pro wrestler Hogan and bankrolled by tech billionaire Peter Thiel. Ziff Davis also agreed to keep Gawker founder Nick Denton on as a consultant if it wins the auction.