(credit: Miguel Discart)
Gawker Media is set to formally declare bankruptcy, and owner Nick Denton plans to put the company up for auction, according to numerous media outlets.
"[Gawker Media] is also now formally entertaining offers to buy the company and says it has a firm bid from publisher Ziff Davis to buy the entire operation for less than $100 million," Recode reported.
As Ars reported earlier, Gawker has already begun the process of appealing the $140 million verdict a jury ordered it to pay in March 2016 for publishing a sex tape of Terry Bollea, better known as former pro-wrestler Hulk Hogan.
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