According to an article by The New York Times, Gawker Media officially reached a settlement with WWE Hall of Famer Hulk Hogan this week bringing an end to a multiyear legal battle between both parties.
Gawker, which filed for bankruptcy after losing a lawsuit brought on by Hogan for an estimated $140 million in damages over the website releasing footage of a sex tape with Hogan, officially settled on Wednesday for $31 million.
Gawker Media went up for auction back in August with Univision getting the winning bid at an estimated $135 million. Hogan received significant financing from Silicon Valley entrepreneur and PayPal founder Peter Thiel during the lawsuit when he revealed publicly that he was helping Hogan go after the media company.
Nick Denton, founder of Gawker, issued this statement regarding the settlement.
“After four years of litigation funded by a billionaire with a grudge going back even further, a settlement has been reached. 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.”
Thiel also issued a statement about Hogan’s victory over Gawker.
“It is a great day for Terry Bollea and a great day for everyone’s right to privacy.”