Gawker was back in court this morning to try and get a judge to postpone the $140.1 million judgment awarded to Hulk Hogan. Hogan had sued the website in 2012 for publishing portions of a sex tape that was recorded without his knowledge. Gawker argued that they were protected by the First Amendment because the video was newsworthy. The judge today issued a $140 million final judgment in favor of Hogan, and Gawker Media has filed for Chapter 11 bankruptcy.

According to Recode, Gawker plans to find a new owner for the company and has a "firm bid" from publisher Ziff Davis to buy the company for under $100 million. Ziff Davis operates IGN, AskMen and PCMag. Gawker has assets between $50 and $100 million and liabilities between $100 million to $500 million according to documents filed today in New York Bankruptcy Court.

Earlier this week, a Florida judge issued a permanent injunction that prohibited Gawker from posting Hogan's sex tape video. The verdict was also upheld, and a 4.77% interest rate per year was imposed on the $140 million that is due to Hogan.

joem49er contributed to this article. Follow Raj Giri on Twitter at @RajGiri_303. Got a news tip or correction? Send it to us by clicking here.