Gawker Media could be for sale, and founder Nick Denton has reportedly begun soliciting bids.
One unnamed party has already expressed interest with a deal valued somewhere between $50 million and $70 million, according to the New York Post.
The Post reports that Denton has hired Houlihan Lokey media banker Marc Patricof to advise him throughout the process. Denton could be forced to sell the company in order to pay damages to Hulk Hogan
A Florida judge denied the company a new trial in the Hogan sex tape case, which could result in the massive $140 million payout that was awarded to Hogan actually standing.
Silicon Valley Billionaire Peter Thiel admitted that he was secretly funding Hogan’s lawsuit in an attempt to cripple Gawker.