Gawker Media has agreed to settle the lawsuit from wrestling star Hulk Hogan that forced the company into bankruptcy, Business Insider reports.
“The settlement with Hulk Hogan is for $31 million, according to Ryan Mac of Forbes, citing court documents,” the story reports. “The original judgment against Gawker was for $140 million.”
Gawker founder Nick Denton wrote in a blog post that Gawker will remove three stories from the Internet, including the one that was at the center of Hogan’s privacy suit, which was about a sex tape.
Denton wrote in his post: “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.”
Business Insider adds: “Denton said Gawker was confident an appeals court would have reduced or eliminated the judgment, but he said an ‘all-out legal war’ with billionaire Peter Thiel, who funded Hogan’s lawsuit, would have ‘cost too much, and hurt too many people.'”