Gawker files for bankruptcy

Last week, Gawker Media founder and CEO Nick Denton sat across from Kara Swisher who casually needled him about the company’s future. When asked about whether or not he would file for bankruptcy–after revelations that VC Peter Thiel was funding a slew of lawsuits against the gossipy site–Denton deflected.

Well, now it seems to be official: Gawker is reportedly filing for Chapter 11 bankruptcy, taking the step to avoid having to pay the $140 million judgment that was handed to them a few months ago. But there might be a white knight to come to its rescue in this time of distress—publisher Ziff Davis is reportedly interested in buying the company for as much as $100 million. As part of an auction begun by Gawker, other companies can put in higher bids, though a company in the throes of a multi-hundred-million-dollar lawsuit is likely a deterrent.

Perhaps all this media buzz about Gawker’s financials is what caused Slack to become glitchy this afternoon. Probably not. 

We reached out to Nick Denton for comment. We’ll update as we hear more. CGW