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Gawker bankrupt hulk12/22/2023 Media analyst Dean Starkman, a fellow at the Center for Media, Data and Society at the Central European University in Budapest, said the bankruptcy was an "ominous development" for journalism. It has also shed light on long-simmering tensions between the media world and Silicon Valley, which has become increasingly secretive and elusive. The revelation Thiel was behind Bollea's lawsuit and others has placed Gawker at the center of a First Amendment battle that has captivated the news media and could reshape how news organizations cover celebrities and other individuals. "I saw Gawker pioneer a unique and incredibly damaging way of getting attention by bullying people even when there was no connection with the public interest." "It's less about revenge and more about specific deterrence," Thiel said of his supporting Gawker's legal opponents. He said that article's headline, "Peter Thiel is totally gay, people," and articles written about his friends "ruined people's lives for no reason" and prompted his decision to finance cases against Gawker. Thiel, a co-founder of PayPal and one of the earliest investors in Facebook, was outed as being gay by one of Gawker's blogs, the now-defunct Valleywag, nearly a decade ago. Weeks earlier, Thiel acknowledged in an interview with the New York Times that he was financially supporting Bollea's lawsuit, as well as other lawsuits against the organization. The company still plans to appeal the case. It also allows companies more time and more control as they reorganize themselves. Filing for Chapter 11 stays claims from creditors, including court judgments - meaning Gawker would not need to begin paying the $140 million that was awarded in March to professional wrestler Hulk Hogan, whose real name is Terry Bollea, in an invasion-of-privacy case involving the publication of a sex tape. New York-based Gawker said it would "maintain normal operations" during the sales process. Gawker Media, under pressure from a $140 million legal judgment and facing a determined foe in Silicon Valley billionaire Peter Thiel, has filed for Chapter 11 bankruptcy and is putting itself up for sale. (AP Photo/Ben Margot, File) Ben Margot/STF Show More Show Less Billionaire tech investor Thiel has been secretly funding Hulk Hogan?s lawsuit against Gawker Media for publishing a sex tape, according to reports in Forbes and The New York Times. (Jesse Dittmar/The New York Times) JESSE DITTMAR/STR Show More Show Less 3 of3 FILE - In this Thursday, March 8, 2012, file photo, Clarium Capital President Peter Thiel speaks during his keynote speech at the StartOut LGBT Entrepreneurship Awards in San Francisco. Reeling from a $140 million verdict in the invasion-of-privacy suit brought by Hulk Hogan, Gawker filed for bankruptcy on June 10, 2016, and began the process of auctioning itself off. (AP Photo/Steve Nesius, Pool, File) STEVE NESIUS/POOL Show More Show Less 2 of3 FILE - Nick Denton, the founder of Gawker, in New York, April 30, 2015. Gawker Media has filed for Chapter 11 bankruptcy protection, about three months after pro wrestler Hulk Hogan won a $140 million lawsuit against the online gossip and news publisher. 1 of3 FILE - In this Wednesday, March 16, 2016, file photo, Gawker Media founder Nick Denton arrives in a courtroom in St.
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