Gawker settles with Hulk Hogan for $31 million in cash

 
 

LawNewz.com is reporting that Gawker Media has settled with Hulk Hogan for $31 million in cash plus a percentage of the proceeds from the sale of the company according to documents filed in court today.

David Houston, Hogan’s attorney said, “As with any negotiation for resolution, all parties have agreed it is time to move on.” The man who secretly funded Hogan’s legal battle against Gawker, PayPal co-founder Peter Thiel, added, “It is a great day for Terry Bollea and a great day for everyone’s right to privacy.” Thiel had a bad history with Gawker after the website outed him as gay a few years ago.

Hogan won a $140 million judgment from Gawker on March 18 after the six person jury – four women and two men – found Gawker guilty in the sex tape lawsuit. The jury trial lasted two weeks. When breaking down the $140 million figure, $55 million were awarded for economic injuries, $60 million for emotional distress, and the rest in punitive damages.

Gawker Media filed for Chapter 11 bankruptcy protection in June and two months later, founder Nick Denton filed for Chapter 11 personal bankruptcy protection. Former writer A.J. Daulerio also filed for bankruptcy. On August 8, the Wall Street Journal reported that attorneys for Gawker and Hogan were trying to reach a settlement agreement after it was clear that Gawker had no way to pay that massive sum.

Wreslting-Online.com had extensive coverage of the whole sex tape lawsuit, now part of the W-O Timeline feature. You can check out the whole 4-year story at http://www.wrestling-online.com/timeline/hulk-hogan-sex-tape-scandal/