Media company will shut down next week after $135 million Univision bid

Gawker Media is shutting down next week.

This comes after the media company declared bankruptcy last month following a legal campaign against it by billionaire Silicon Valley investor Peter Thiel.

Thiel had funded a legal campaign against Gawker Media after the publication revealed that he was gay and also released a sextape featuring wrestling legend Hulk Hogan.

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Gawker Media has been in operation for 14 years and the news of it shutting down comes after Univision successfully made a bid of $135 million for the media company's six other websites.

According to a Recode report, Nick Denton, Gawker's founder and CEO, informed current employees of the company's fate, hours before a bankruptcy court in Manhattan, New York was due to decide on Univision's bid for Gawker's other assets.

Other reports confirm that Denton has informed his employees that they will either reassigned to other editorial roles at one of Gawker's other sites or elsewhere within Univision.