The lawsuit between Gawker and Hulk Hogan, over the publication of the now-infamous sex tape, has finally been settled for a sum believed to be around $31 million.
The long-running lawsuit between entertainment and gossip website Gawker and the former wrestler Hulk Hogan has finally been settled for a payout of $31 million, it has been reported.
Back in May this year, a jury in Florida awarded Hogan (whose real name is Terry Bollea) a $140.1 million sum after it concluded that Gawker’s publication of a sex tape of Bollea engaged in an extra-marital affair was not newsworthy.
Hulk Hogan is believed to have finally settled his lawsuit against Gawker
It turned out that Hogan’s litigation had been funded by Silicon Valley billionaire Peter Thiel, a man with a grudge against Gawker as it had exposed his sexuality in an article published nearly a decade ago. The fallout from that ruling led Gawker to file for Chapter 11 bankruptcy and sell itself off through an auction, won by Univision in August for a sum of $130 million.
In a blog post titled ‘A Hard Peace’ written by Gawker’s founder Nick Denton on his own website on Wednesday (November 2nd), he declared that “the saga is over”.
“After four years of litigation funded by a billionaire with a grudge going back even further, a settlement has been reached,” Denton said. “All-out legal war with Thiel would have cost too much, and hurt too many people, and there was no end in sight. Gawker’s nemesis was not going away.”
Denton did not disclose any financial details about the settlement, but reports in the New York Times and many other outlets suggest the sum is approximately $31 million, according to court papers currently out in the open. In addition, three stories on Gawker’s site, including the one about Bollea, are being taken down. Exact details could come out later in the week in upcoming court appearances.
“As with any negotiation for resolution, all parties have agreed it is time to move on,” said Bollea’s legal representative, David Houston, in a separate statement on Wednesday.