It's bankruptcy and a sale for a popular news and gossip suite.

FOX's Eben Brown reports: 

The website Gawker lost a lawsuit to Hulk Hogan for about a 130 million for publishing a recording of him having sex with his friend's wife.

The recording was made without Hogan's knowledge. Now, Gawker is filing for bankruptcy, and plans to sell its property to Ziff Davis, the digital media company.

They also plan to auction assets and use that money to pay legal fees to appeal the ruling. Gawker always claimed publishing the sex tape was in the public interest and Hogan, who had discussed the tape publicly, had no right to privacy.

Eben Brown, FOX News.

Follow FOX's Eben Brown on Twitter: @FOXEbenBrown