After a defamation suit filed against Gawker Media Inc. by the former pro wrestler Hulk Hogan, the digital media has began exploring strategic options. They might even sell their website.

This is because the company is now fighting a monstrous and crippling $140-million damages award because of the defamation. They have hired a banker to go through options, including a possible sale.

Mark Patricof is managing director at Houlihan Lokey, the firm advising Gawker on its options.

The whole ordeal was over a sex tape of pro wrestler Hulk Hogan, which the site posted online. According to the company, the legal conflict was secretly financed by billionaire investor and Facebook Inc. board member Peter Thiel.

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Gawker’s motion for a new trial was denied on Wednesday by a Florida judge. The judge also stated that the $140-million jury verdict won’t be reduced.

However, Gawker can still appeal to a higher Florida court, says Bloomberg.

On Thursday, Gawker said that it hopes to prevail in an appeal of the Hulk Hogan verdict. The company also said it is delving into back-up plans.

However, the digital media company would not comment anything on when the banker was hired. They only said that he was hired “recently.”

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“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 in a statement.

They also stated that they hired the banker to receive possible suggestions, and that “seems to have stirred up some excitement.”

According to them, “the fact is that nothing is new.”

ALSO READ: Hulk Hogan Awarded $115 Million in Privacy Suit Against Gawker

It has been reported by Tampa Bay Times that Gawker is not for sale at the moment. There has been zero bidding as of now.

ALSO READ: Hulk Hogan Sex Tape Case: Wrestler Awarded with Extra $25M

It was also said that the situation could change. A source reported that if it loses an appeal, the media company might have to sell the website.