Hulk Hogan Settles With Gawker For $31 Million

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ABC News confirmed today that Hulk Hogan has settled all of his litigation with Gawker Media.

Originally Hulk Hogan had been awarded $140 million in damages this past March by a Florida jury after he sued Gawker and its founder for invasion of privacy for publishing a portion of a sex tape that featured him and his former friend’s wife. Gawker filed for bankruptcy shortly after.

Nick Denton, the founder of Gawker Media, wrote: “After four years of litigation funded by a billionaire with a grudge going back even further, a settlement has been reached. The saga is over.”

According to settlement documents filed at a New York federal bankruptcy court, Hogan, who’s real name is Terry Bollea, will get $31 million. He will also have to share with other creditors 45 percent of any additional funds that come into the bankruptcy court by virtue of third-party claims brought by Gawker.

Hogan’s camp commented on the settlement, “After almost five years of litigation all parties agreed it was time to resolve this matter. This will allow people to go about their lives and concentrate on things more important than continued court proceedings.

As in any case involving negotiation all parties give-and-take. We would like to thank everyone involved in the process.”