I think we all saw this coming. After the huge judgment landed against him in the Hulk Hogan sex tape lawsuit, Gawker founder Nick Denton has filed for Chapter 11 bankruptcy. Gawker had previously filed for bankruptcy in a bid to dodge the $140 million the judge ordered them to pay Hulk Hogan, but courts denied the move as a way to dodge paying. As a result, Denton himself has filed bankruptcy. He released the following memo to his staff, as reprinted by The Hollywood Reporter:
"Yes, it’s a disturbing to live in a world in which a billionaire can bully journalists because he didn’t like the coverage. Still, I’m in a positive frame of mind, because our influential brands will soon be free to thrive under new ownership, and our very existence as an independent entity has been a triumph. For once, the journalistic cliché is appropriate: We’ve spoken truth to power. Sometimes uncomfortable truths. Sometimes gossipy truths. But truths. There is a price to pay for that, and I am paying it now. But we never gave up our souls in the pursuit of an easy life."
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