• CBS4 NewsOn Air

    On Air Schedule:

    10:00 PMBlue Bloods
    11:00 PMCBS 4 News at 11PM
    11:35 PMThe Late Show with Stephen Colbert
    12:37 AMThe Late Late Show with James Corden
    01:37 AMYour Move with Andy Stanley
    View All Programs
Filed Under:Bankruptcy, Courts, Gawker, Hulk Hogan, Sex Tape
ST PETERSBURG, FL - MARCH 08: NY POST OUT Terry Bollea, aka Hulk Hogan, testifies in court during his trial against Gawker Media at the Pinellas County Courthouse on March 8, 2016 in St Petersburg, Florida. Bollea is taking legal action against Gawker in a USD 100 million lawsuit for releasing a video of him having sex with his best friends wife. (Photo by John Pendygraft-Pool/Getty Images)

Follow CBSMIAMI.COM: Facebook | Twitter

NEW YORK (AP) — 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.

READ MORE: UM Researchers Detect COVID-19 Variants In South Florida

The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets.

READ MORE: Police: Thieves Take $9,000 During Robbery At SW Miami Pollo Tropical Drive-Thru Window

Hogan sued Gawker after it posted a video of him having sex with a friend’s wife. Hogan was awarded $115 million in compensatory damages plus an added $25.1 million in punitive damages.

It was later revealed that billionaire tech investor Peter Thiel had been secretly funding Hogan’s lawsuit.

MORE NEWS: He's Usually The 'Giver' But Tables Are Turned On Zoo Miami's Ron Magill With Surprise Gift For Conservation Efforts

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)