On the heels of a $140 million judgment against Gawker Media in its privacy case with Hulk Hogan, Gawker founder Nick Denton has reportedly begun the process of trying to sell the company.
The New York Post reports that Denton “has begun quietly soliciting bids” for Gawker.
The Post reports: “Denton hired Houlihan Lokey media banker Mark Patricof to advise him on the valuation of the cash-hungry company in the event that he needs to sell it to pay damages to Hulk Hogan, who was awarded $140 million by a Florida jury after Gawker posted a sex video of the wrestling legend, sources said.”
The report cites sources saying that at least one party, who is not named, has shown interest, with a deal valued between $50 million and $70 million.
Gawker suffered another setback this week when it lost a motion to retry the Hogan case, according to media reports.