Gawker Media has reportedly hired a banker to explore possible strategic options as the company faces a potentially crippling $140 million fine in a defamation case against former pro wrestler Hulk Hogan. Gawker is allegedly also looking into the potential sale of the company should other options will not suffice.

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Houlihan Lokey, managing director Mark Patricof, is advising Gawker regarding its options to deal with the legal clash against Hulk Hogan.

On May 25, a judge denied Gawker's request for a new trial. The Florida judge said that the $140 million jury version will not be reduced, although Gawker still has the option to appear to a higher court in Florida.

In a statement acquired by Bloomberg, Gawker said, "We've had bankers engaged for quite some time given the need for contingency planning around Facebook board member Peter Thiel's revenge campaign. We recently engaged Mark Patricof to advise us and that seems to have stirred up some excitement, when the fact is that nothing is new."

While Gawker is not currently for sale and that there are no bidders, that stance could change should the company fail to get an appeal for a retrial.

Hulk Hogan, whose real name is Terry Bollea, sued Gawker in 2012 over the release of a video showing the former pro wrestler having sex with his friend's wife. Hogan claimed that the actions done by Gawker, along with other media outlets, cost him his endorsements and also inflicted emotional harm.

Gawker is yet to confirm whether it can afford to pay the $140 million fine. During the trial in March, Hogan's lawyer claimed that Gawker's revenue in 2015 amounted to $48.7. The lawyer said that the company was worth $83 million, according to CNBC.

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