Gawker settles with ex-pro wrestler Hulk Hogan for $31 million: court document
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
FILE PHOTO: Terry Bollea, aka Hulk Hogan, sits in court during his trial against Gawker Media, in St Petersburg, Florida March 17, 2016. Dirk Shadd/Tampa Bay Times/Pool via Reuters
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
By Jessica DiNapoli
NEW YORK (Reuters) - Shuttered irreverent news website Gawker Media LLC has reached a $31 million cash settlement with Hulk Hogan, the former professional wrestler who won a $140 million judgment against the site over a leaked sex tape.
Hogan's judgment forced Gawker, known for its sassy tone and gossipy posts, into bankruptcy in June. Its sister websites, including sports site Deadspin and women's site Jezebel, were acquired for $135 million by media company Univision Holdings Inc in a bankruptcy auction last summer.
"As with any negotiation for resolution, all parties have agreed it is time to move on," said Hogan's attorney, David Houston.
The settlement is subject to approval by a bankruptcy judge.
Silicon Valley billionaire Peter Thiel said in May he helped fund the invasion of the privacy lawsuit filed by Hogan, whose real name is Terry Bollea. The site published an article in 2007 about Thiel's homosexuality.
"It is a great day for Terry Bollea and a great day for everyone's right to privacy," Thiel said.
Gawker founder Nick Denton, who filed for personal bankruptcy to protect himself from Hogan's judgment, has accused Thiel of using his wealth to carry out a vendetta against him and the site.
Denton, in a blog post published Wednesday, said an "all-out legal war with Thiel would have cost too much, and hurt too many people," even though he was confident a court would have reduced or eliminated the judgment.
"There was no end in sight," Denton wrote.
The settlement also calls for Hogan to receive some proceeds from a possible future sale of Gawker.com, which was not included in the sale to Univision.
(Reporting by Jessica DiNapoli; Editing by Andrew Hay and Jeffrey Benkoe)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Russia says more than 20,000 civilians left eastern Aleppo on Saturday
- Syria, Russia pound rebel-held Aleppo but advances halt
- Iran summons UK envoy over 'divisive' May remarks to Gulf Arabs
Create E-mail Alert Related CategoriesReuters
Related EntitiesClarium Capital Management, Bankruptcy, Peter Thiel
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!