If Peter Thiel’s goal was to punish Gawker owner Nick Denton, then the tech billionaire has succeeded. Gawker Media Group filed for Chapter 11 bankruptcy today and it’s being sold to the highest bidder.

The company released a statement saying it had agreed to sell its seven media brands and other assets to Ziff Davis, which owns the video game site IGN and PC Magazine. The sale is through a court-supervised auction, in which other potential owners could offer higher bids. Ziff Davis has said it would pay around $100 million, according to a person familiar with the matter.

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Yet today’s events aren’t a clear win for Thiel, said George Triantis, a professor at Stanford Law School. “The litigation is a victory, but bankruptcy dulls that victory a little bit. As long as there are new funders willing to step up, the company can restructure and continue to do business — at least until the next big lawsuit,” he said.