Gawker Media’s filing for Chapter 11 bankruptcy court protection may not have been a total surprise Friday, following a final judgment issued by a Florida judge for $140.1 million in favor of Terry Bollea aka Hulk Hogan.
Gawker is disputing the judgment in appeals court, and offered that publisher Ziff Davis has entered into an asset purchase agreement to buy its seven media brands. The process will allow it to “fund the appeal,” Gawker said Friday. During the trial against Bollea, lawyers for Gawker noted that all of the media firm’s assets amount to $83 million, and that last year it earned a gross revenue of $48.7 million.
Drilling deeper into the bankruptcy filing, Gawker listed 20 other debtor claims.
Below are the top 10 heftiest debts.
- Terry Bollea owed $130 million in compensatory damages. (No surprise there).
- Law firm Morrison Cohen: $115,379.48
- Risk Strategies Co., DeWitt Stern Group: $82,300.38
- Simple Reach Inc., digital advertising strategy firm: $82.215.06
- Google Inc.: $67,603.25
- Cloudinary Ltd., a cloud-based management solutions firm: $54,022.68
- Krux Digital, a data management firm: $51,143.32
- Fastly, a content delivery firm: $42,051.23
- Law firm Fried, Frank, Harris, Shriver & Jacobson LLP: $39,578.48
- Medialink, a strategy firm: $37,800