The New York Times reports that Gawker Media Group and Hulk Hogan have settled Hogan’s invasion of privacy lawsuit for a reported $31 million. Hogan prevailed at trial and a jury verdict awarded him a $140 million judgment but Gawker appealed the court decision. Instead of pursuing the appeal, the parties decided to settle the dispute.
The jury verdict sent Gawker, the owners (at the time) of websites such as Jezebel and Deadspin, into bankruptcy. The company and its web sites were sold out of bankruptcy to Univision Communications for $135 million this past August. In addition, Gawker’s founder, Nick Denton, filed for personal bankruptcy.
The settlement includes $31 million plus a portion of the proceeds from any future sale of the Gawker.com domain per a filing in the U.S. Bankruptcy Court.
Payout Perspective:
Hogan will likely receive 1/3 of the reported $31 million as he will likely need to pay his attorney fees, costs and Peter Thiel who was reportedly funding the lawsuit. Despite the fact that Hogan will not receive $140 million, the settlement prevents more legal costs and waiting.
Hulkamania is running wild to the bank