Reuters reported Gawker Media LLC won approval from a U.S. bankruptcy court judge on Thursday to begin a process to sell itself, allowing the online publishing pioneer to begin an auction that is expected to attract several bidders. Gawker filed for bankruptcy mainly to shield itself from a $140 million judgment from former professional wrestler Hulk Hogan, who won the judgment after Gawker published an excerpt of his sex tape.

According to the Reuters report, Gawker filed for bankruptcy last month with an offer from media publisher Ziff Davis LLC to buy the company for $90 million, setting the floor for a court-supervised auction. The company could not pursue potential other offers until judge Stuart Bernstein approved the mechanism for the auction, as well recognized Ziff Davis' stalking horse bid, according to court papers.
 
Read the full Reuters report - Gawker Wins Court Approval to Kick Off Bankruptcy Auction