This past May, Gawker Media filed for Chapter 11 bankruptcy protection as a result of being ordered to pay roughly $140 million to Hulk Hogan. It now appears that the wrestler and the media company that he sued for damages and violating his privacy will pay $31 million of that $140 million.
Gawker to Pay $31 Million to Hulk Hogan Following Bankruptcy
It appears Gawker will only need to pay $31 of the $140 million in damages that were awarded to ex-wrestler Hulk Hogan. “After four years of litigation funded by a billionaire with a grudge going back even further, a settlement has been reached,” wrote Nick Denton, founder of Gawker said in a statement posted on his website. “The saga is over.”
Hulk Hogan, real name Terry Bollea, sued Gawker for damages and violating his privacy for $100 million after the site posted a video in 2012 of him having sex with his former best friend’s wife. A Florida jury awarded Hogan $55 million for economic injuries and another $65 million for emotional distress. Additionally, Gawker was ordered to pay $25 million in punitive damages. As a result of the ruling, Gawker was forced to file for Chapter 11 bankruptcy.