Gawker Settles Lawsuit With Hulk Hogan For $31 Million

– According to CNBC, Gawker has settled its case with Hulk Hogan. Hogan will reportedly revive $31 million plus part of the proceeds from Gawker’s $135 million sale to Univision. Gawker founder and former CEO Nick Denton had the following to say about the announcement…

“It’s a shame the Hogan trial took place without the motives of the plaintiff’s backer being known. If there is a lasting legacy from this experience, it should be a new awareness of the danger of dark money in litigation finance. And that’s surely in the spirit of the transparency Gawker was founded to promote. As for Peter Thiel himself, he is now for a wider group of people to contemplate.”

Hogan sued Gawker, Denton and writer AJ Daulerio for posting a sex tape featuring him, and cited emotional distress. A Florida jury awarded him $140 million. The judgment led to Gawker declaring bankruptcy and its sale to Univision in August.