This story first appeared on the Huffington Post.

Gawker Media has filed for Chapter 11 bankruptcy protection.

The company listed its assets as between $50 and $100 million in the filing and said its liabilities were between $100 million and $500 million.

In March, a Florida jury awarded former professional wrestler Hulk Hogan $140 million in damages after Hogan sued the media company for publishing excerpts of a video showing him having sex with the wife of his then-best friend. Gawker is appealing the decision.

Recode reported that the bankruptcy filing is an effort to prevent the company from having to pay out the damages. Gawker currently has a $100 million bid from Ziff Davis but is hoping for a higher offer, Recode reported.

This is a developing story. Check back for details.