On Wednesday, a Florida judge denied Gawker’s motion for a new trial in its dispute with Hulk Hogan over a sex tape published on the site in 2012, saying the $140 million figure the company owes the former wrestler won’t be reduced. Hogan sued Gawker for publishing a sex tape of him against his will. The ruling leaves Gawker forced to consider all options, including a potential sale.

The New York Post reported Thursday that Gawker founder Nick Denton has hired investment banker Mark Patricof to assess the company’s valuation in case he needs to sell to pay damages. According to the Post, one unnamed party has expressed interest in a deal worth between $50 and $70 million. Denton, who owns 68% of the company, sold a minority stake for $100 million earlier this year to help fund the Hogan lawsuit. The Post reports that Gawker’s worth has dropped dramatically from its $250 valuation at the time of that sale.

While not currently for sale, Gawker could wind up on the market if its appeal in the Hogan case goes poorly, according to AdAge. According to the Post, Penske Media and Vox Media “are kicking the tires” on acquiring Gawker.

Earlier this week, tech investor Peter Thiel revealed he is helping bankroll Hogan’s lawsuit. Gawker outed Thiel as gay in 2007.

Via AdAge, here’s Denton’s statement on the news of Patricof’s involvement with the company.

“We’ve had bankers engaged for quite some time given the need for contingency planning around Facebook board member Peter Thiel’s revenge campaign,” Gawker said Thursday in a statement. “We recently engaged Mark Patricof to advise us and that seems to have stirred up some excitement, when the fact is that nothing is new.”

About Alex Putterman

Alex is a writer and editor for The Comeback and Awful Announcing. He has written for The Atlantic, VICE Sports,, and more. He is a proud alum of Northwestern University and The Daily Northwestern. You can find him on Twitter @AlexPutterman.