The twin moves are seen as an attempt by Gawker to protect its financial assets from Hulk Hogan and the ex-wrestling champion’s billionaire backer, Peter Thiel. By selling itself and declaring bankruptcy, Gawker can continue to operate while appealing the staggering $140.1 million judgment won by Hogan (real name Terry Bollea) against the company, founder Nick Denton and ex-editor A.J. Daulerio. 

MORE: Hogan: Gawker publisher ‘scared the hell out of me’

Back in 2013, Gawker posted video, without his permission, of Hogan having sex with the wife of a friend. The company repeatedly denied Hogan’s requests to take down the video.

When Hogan sued Gawker in a Florida court, Thiel secretly financed the lawsuit, only recently going public about his involvement in an interview with Andrew Ross Sorkin of The New York Times.

Said Denton in a statement Friday: “We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media. A combination would marry Ziff Davis’ strength in e-commerce, licensing and video with GMG’s premium media brands.”

MORE: The most lurid sex scandals in sports history

Gawker is selling to Ziff Davis for about $100 million, according to published reports, but Gawker may not end up with Ziff Davis. The company could receive better offers from suitors through an auction supervised by the bankruptcy court. As Recode noted Friday:

Despite filing for bankruptcy, Gawker will continue to operate. Besides Deadspin, it also publishes blogs such as Jalopnik and Jezebel. Via Politico on Friday:

Ziff Davis jumped on the opportunity to buy Gawker, according to Recode.

Thiel bankrolled Hogan’s $10 million lawsuit against Gawker in retaliation for the company outing him as a gay man. His clandestine involvement has sparked weeks of solemn warnings from media experts about the danger of letting billionaires effectively shut down outlets whose coverage they don’t like. Wrote Justin Peters in Slate:

When Denton found out Thiel was behind the lawsuit, he challenged the Silicon Valley billionaire to a debate. Denton addressed the Hogan verdict, and Thiel, during an interview with the “CBS This Morning” morning show:

Thiel defended himself to The New York Times, saying: “It’s less about revenge and more about specific deterrence. 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.”

Deadspin published a note to readers on the case:

Other media personalities, such as Jason Whitlock of Fox Sports, who’ve been targeted by Gawker/Deadspin say the company is getting what it deserves.

MORE: Whitlock dishes on his real feelings about The Undefeated

Whitlock has called Gawker a “cesspool” on Twitter. Billionaires have a right to defend themselves, too, he wrote:

Earlier this week, Deadspin published video outtakes of Whitlock, Colin Cowherd and Jason McIntyre rehearsing their new show, “Speak for Yourself,” which premieres Monday night on FS1.

Fox declined to comment on the Deadspin video clips.