Hulk Hogan reaches $31 million settlement with Gawker

The legal saga between Hulk Hogan and Gawker Media appears to have finally reached its conclusion.

Court documents in the case revealed that Gawker and Hogan have reached a $31 million settlement. Hogan was previously awarded $140 million in damages by a Florida jury after Gawker had published a sex tape featuring him without his consent. The company immediately vowed to appeal the jury’s verdict, but Gawker founder Nick Denton wrote in a post on his website on Wednesday that the legal fight would have been too expensive given that Hogan is backed by tech billionaire Peter Thiel.

“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.” Denton wrote.

“Yes, we were confident the appeals court would reduce or eliminate the runaway Florida judgment against Gawker, the writer of the Hogan story and myself personally. And we expected to prevail in those other two lawsuits by clients of Charles Harder, the lawyer backed by Peter Thiel.” Denton wrote. “But all-out legal war with Thiel would have cost too much, and hurt too many people, and there was no end in sight.”

Gawker Media filed for Chapter 11 bankruptcy shortly after the initial verdict. They were acquired by Univision Communications at auction for $135 million.

Hogan seemed to comment on the settlement in a tweet on Wednesday morning: