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Hogan reaches $31 million settlement with Gawker

Hulk Hogan sits in court before the start of his trial Thursday, March 17, 2016, in St. Petersburg, Fla. Hogan, whose given name is Terry Bollea, and his attorneys are suing Gawker Media for $100 million, saying his privacy was violated, and he suffered emotional distress after Gawker posted a sex tape of Hogan and his then-best friend's wife. (Dirk Shadd/The Tampa Bay Times via AP, Pool)
(Dirk Shadd/The Tampa Bay Times via AP, Pool)

Gawker is settling its case with former WWE Superstar Hulk Hogan.

Hogan is set to receive $31 million, court documents revealed. News of the actual amount comes just one day after former Gawker CEO Nick Denton announced the company would settle with the former wrestling star.

The settlement comes less than eight months after jurors awarded Hogan $140 million in damages in an invasion of privacy case, rooted in a sex tape featuring Hogan that was published by the recently bankrupt media outlet.

As noted by Denton, Hogan’s case was funded by billionaire Peter Thiel, who was previously outed as a homosexual by Gawker nearly a decade ago.

“After four years of litigation funded by a billionaire with a grudge going back even further, a settlement has been reached,” Nick Denton, the founder of Gawker, said in a blog post.

”All-out legal war with Thiel would have cost too much, and hurt too many people, and there was no end in sight,” Denton added. “Gawker’s nemesis was not going away.”

Hogan, a longtime face of professional wrestling, has not had any relationship with WWE since the tape was released — largely due to racially insensitive comments that he made during the tape itself.

With the lawsuit now in the rear-view, Hogan and his legal team are ready to put Gawker in the past.

“As with any negotiation for resolution, all parties have agreed it is time to move on,” David Houston, a lawyer for Mr. Hogan, said in a statement.

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