Hulk Hogan Reaches Settlement With Gawker Worth Over $31 Million

RadioOnFire.com - Gawker Media and former professional wrestler Hulk Hogan have reached a settlement after years of litigation in an invasion of privacy lawsuit.

"The saga is over," Gawker founder Nick Denton wrote in a blog post.

Back in March, a Florida jury awarded $140 million to Hogan, whose legal name is Terry Bollea, in the case that centered on Gawker's publication of a sex tape featuring Bollea and a former friend's wife. As NPR's David Folkenflik reported, the verdict against Gawker and its founder "forced both to go into bankruptcy and the company to be put up for sale at a court-overseen auction."

Now, according to a document filed in a New York bankruptcy court on Wednesday, the parties have reached a settlement where Bollea will receive $31 million in cash plus a share of the proceeds from the sale of Gawker.

Gawker will now "forgo its appeal of that judgement" from March, as The New York Times reported.

And in what Denton refers to as "the most unpalatable part of the deal," he said three stories will be removed from the Internet, one of which involves Hogan.