Three months after losing a massive $140 million lawsuit to Hulk Hogan over a sex tape it posted in 2012, Gawker Media filed for bankruptcy protection Friday and announced the company will soon be sold at auction.

CNBC reports publishing and media magnate Ziff Davis is already in talks to purchase Gawker's seven media brands, which include popular sites like Deadspin, Jezebel, and Kotaku, and other assets "through a bankruptcy court-supervised auction that may include other bidders."

"The sale and filing are intended to preserve the value of GMG's pioneering digital news business, safeguard the jobs of journalists and other staff, and allow GMG to fund the appeal against the $130 million judgment in the Hulk Hogan case," the company said in a statement. "Gawker Media Group is putting its properties up for sale after a coordinated barrage of lawsuits intended to put the company out of business and deter its writers from offering critical coverage."

Last month, pseudo scandal erupted when reporters revealed Hogan's case was being bankrolled by conservative billionaire Peter Thiel as retribution for a 2007 Gawker article that outed him publicly.

On Twitter, Gawker Media founder and proprietor Nick Denton remains confident his company will ultimately prevail on appeal:

You can check out CNBC's breaking report below: