Gawker sells minority stake of company due to upcoming Hulk Hogan lawsuit

Hulk Hogan

Gawker Media, the company facing the $100 million lawsuit by Hulk Hogan over the leaked sex tape, has sold a minority stake of its company to Columbus Nova Technology Partners, an investment company.

This is the first time that Gawker has allowed outside investment and it’s because of the Hogan lawsuit. Gawker’s chief Nick Denton has said in the past that should the company lose its lawsuit and the jury awards Hogan the $100 million, the company would simply cease to exist as they do not have that amount of money. According to the Wall Street Journal, Gawker made only $6.5 million in profit in 2014.

The trial between Hogan and Gawker is set to start on March 7.