zerohedge.com / by Tyler Durden / Nov 2, 2016 12:38 PM
With Gawker no longer operational, and both Peter Thiel and Hulk Hogan having proven their point, former Gawker CEO Nick Denton said in a blog post that the media company is settling its case with Hulk Hogan: “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 Forbes, Denton did not disclose the terms of the settlement, however court documents revealed the case was settled for $31 million plus a portion of the website’s sale proceeds. Denton added wrote that while the company was “confident” an appeals court would reduce a $140 million settlement awarded to the former wrestler and entertainment star, ultimately Gawker, the writer of the story against Hogan and he himself would not be able to fund the legal battle.
Below is Denton’s full statement:
A Hard Peave
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.
As the most unpalatable part of the deal, three true stories?—?about Hulk Hogan, the claim by Shiva Ayyadurai that he invented email and the feud between the founders of Tinder?—?are being removed from the web.