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| Hulk Hogan |
The obsolete US news site Gawker has reached a settlement with Hulk Hogan for $31 million dollars (£25million), which brings an end to the high-profile court battle over a sex tape.
Following the long-running legal exchange with the former wrestler, whose real name is Terry Bollea , Gawker.com was shut down, and caused the media company's bankruptcy.
Gawker's founder Nick Denton has confirmed in a blog post that the “saga is over”.
Hogan won a $140million court judgement against the site, leading Denton to file for personal bankruptcy.
Part of the settlement will also see three of Gawker's stories about Hogan and two other people who had also filed a lawsuit, will be removed from its site.
The settlement also reportedly includes Hogan receiving a payout from some of the proceeds from a possible future sale of Gawker.com, which was not included in the sale of some sites to Univision.
The settlement is subject to approval by a bankruptcy judge.
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| Nick Denton |
The suit, in Florida state court, had been financed with help from Peter Thiel, the billionaire PayPal co-founder and outspoken critic of Denton’s company. According to court papers, Gawker also resolved two similar lawsuits for $500,000 and $750,000.
“All-out legal war with Thiel would have cost too much, and hurt too many people, and there was no end in sight,” Denton said in a blog entry Wednesday announcing the agreements.
"As with any negotiation for resolution, all parties have agreed it is time to move on," said Hogan's attorney, David Houston.
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