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 process and Ziff Davis, a
digital media company, has submitted an opening bid of $90 million
to $100 million, according to a person briefed on Gawker’s plans,
who spoke on condition of anonymity to discuss the auction..
Such an offer is known as a stalking-horse bid, meant to set a
floor in a court-supervised auction.