Gawker Media Inc. has hired a banker to explore strategic options, including a potential sale, as the digital media company fights a potentially crippling $140 million damages award in a defamation suit brought by the former pro wrestler Hulk Hogan.

Mark Patricof, managing director at Houlihan Lokey, will advise Gawker on its options amid the legal clash secretly bankrolled by billionaire investor and Facebook Inc. board member Peter Thiel, the company said Thursday.

On Wednesday, a Florida judge denied Gawker’s motion for a new trial and said the $140 million jury verdict won’t be reduced, the Associated Press reported. Gawker can still appeal to a higher Florida court.

“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 Thursday in a statement. “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.”

Gawker isn’t currently for sale and there aren’t any bidders, but that could change if it loses an appeal, according to a person familiar with the matter. The New York Post first reported Gawker had hired an investment banker to explore its options.

Hogan, whose given name is Terry Bollea, sued the media and celebrity-focused website in 2012 over the publication of a tape showing him having sex with a friend’s wife, claiming the publication cost him endorsements and inflicted emotional harm. Thiel, the libertarian-leaning venture capitalist who co-founded PayPal, made a financial contribution to the suit.