Gawker Has Filed for Bankruptcy and Says It Will Sell to Ziff Davis

Blog network was financially drained by legal battle with Hulk Hogan

Gawker Media filed for Chapter 11 bankruptcy on Friday, shortly before announcing the iconic blog network has reached an agreement with Ziff Davis to purchase its seven brands and other assets.

Gawker's brands include Gawker.com, Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik and Jezebel. 

"We are encouraged by the agreement with Ziff Davis, one of the most rigorously managed and profitable companies in digital media," said Gawker CEO and founder Nick Denton. "A combination would marry Ziff Davis' strength in ecommerce, licensing and video with [Gawker Media Group's] premium media brands."

Ziff Davis owns media brands such as PC Magazine, IGN and AskMen, among others.

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