shuts down after Hulk Hogan lawsuit bankruptcy

US news and gossip website will shut down after 14 years as its publisher pays the price for losing a $140 million (£106 million) lawsuit involving former pro wrestler Hulk Hogan.

Gawker Media sought bankruptcy in June after the judgment in an invasion of privacy lawsuit over its publishing of excerpts from a sex tape involving Hogan. had published a one-minute, 41-second edited video in 2012 featuring Hogan having sex with the wife of his then-best friend, radio "shock jock" Bubba the Love Sponge.

Hogan, whose real name is Terry Bollea, tweeted in response to news of's demise.

The decision to shut down comes two days after Univision won the bankruptcy auction to acquire Gawker Media for $135 million (£102 million).

Univision's winning bid for Gawker Media was approved by a US bankruptcy judge earlier on Thursday.

Hogan's lawsuit was bankrolled by billionaire investor Peter Thiel., which became well known for its snarky celebrity and media industry gossip, had published an article about Thiel's homosexuality in 2007.

In a memo sent to staff on Thursday, Gawker Media Founder Nick Denton said the company was not able to find "a single media company or investor willing also to take on" as a result of the "campaign being mounted against its editorial ethos and former writers."

Denton filed for personal bankruptcy this month to also seek protection from the judgment.