Hulk Hogan Settles Sex Tape Case With Gawker for $31 Million
Hulk Hogan and Gawkers Media LLC have finally reached a $31 million settlement following the leaked sex tape lawsuit Hogan filed against Gawker, Reuters reports.
In March,a court awarded the former WWE champion a total of $140 million in March; $115 million for damages and an additional $25 million in punitive damages despite plea for mercy by Gawker founder, Nick Denton. The settlement forced the website into bankruptcy and a number of its sister companies such as Jezebel were acquired for $135 million by Univision Holdings Inc in a bankruptcy auction in the summer.
Speaking through his lawyer, David Houston, Hulk Hogan decided to move on from the unfortunate incident and go with the $31 million settlement as opposed to the $140 million which seemed quite impossible for Gawker to gather, given their bankruptcy situation.
“As with any negotiation for resolution, all parties have agreed it is time to move on,” Houston said.
Hulk Hogan filed a lawsuit against Gawker earlier in the year, accusing the site of violating his privacy after it uploaded a 2 minute video of the 63-year-old having sex with his former best friend’s wife in 2012. The retired wrestler had sought $100 million in damages but was however awarded more than his claims by a 6-man jury.
Speaking on the whole saga earlier today, Nick Denton acknowledged that an “all-out legal war would have cost too much, and hurt too many people,”
This new settlement is subject to the approval of a bankruptcy judge and Hulk Hogan is also set to receive some proceeds from a possible future sale of Gawker.com, which was not acquired by Univision during the summer auction.
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