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Nick Denton, seen here during his legal battle with Terry Bollea, aka Hulk Hogan, has filed for Chapter 11 bankruptcy protections for Gawker Media, the company he founded 13 years ago. Getty Images hide caption

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Gawker Files For Bankruptcy As It Faces $140 Million Court Penalty

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Peter Thiel, head of Clarium Capital Management and founding investor in PayPal and Facebook, speaks at a conference in San Francisco on April 12. Noah Berger/Bloomberg/Getty Images hide caption

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Noah Berger/Bloomberg/Getty Images

Former professional wrestler Hulk Hogan stands with one of his lawyers just after his civil suit against Gawker Media went to the jury. The panel awarded him $115 million in damages on Friday. Boyzell Hosey/AP hide caption

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Boyzell Hosey/AP

Nick Denton, founder of Gawker Media, is defending his decision to take down a post — a move that has spurred the resignations of Gawker's two top editors. Bloomberg/Bloomberg via Getty Images hide caption

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Bloomberg/Bloomberg via Getty Images