The four-year war between Gawker Media and Hulk Hogan has come to an end after the media company offered a settlement agreement with the former WWE star. However, the fight between PayPal founder Peter Thiel and Gawker founder Nick Denton appears to be far from over.

Denton and Gawker’s lawyers sought to put an end to the long-running legal battle involving the company and Terry Bollea, otherwise known as Hulk Hogan, with a $31 million settlement offer. The deal was finalized after Denton filed the necessary documents in a bankruptcy court in Manhattan, thereby reducing the initial amount from approximately $140 million.

“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,” wrote Denton following the settlement offer the company made with Hogan.

However, the 66-page agreement held provisions that allowed Denton to reserve the right to sue Thiel. Throughout the legal drama with Hogan, it was discovered that the PayPal founder bankrolled the lawsuit of the wrestling star to ensure that the lawsuit continued and Gawker would presumably go bankrupt. Part of the settlement noted that the gossip website intends to potentially pursue an investigation against Thiel in an effort to uncover why he contributed $10 million toward Hogan’s lawsuit.

In the finalized version of the agreement, it was stated that the Gawker debtors along with Denton, Thiel, and Thiel Capital LLC intend to work on their issues amicably. While there remains no update on the settlement talks between the opposing camps, the court hopes to see a settlement agreement signed soon. Meanwhile, Hogan is no longer involved in any future litigation involving the media company, Denton and Thiel.

When news of the settlement broke, the editors and writers of Gawker provided mixed reactions. For some, it was a disappointing end to the fight they were all emotionally invested to win. For others, it was a relief that the legal battle has finally ended.

Prior to the settlement, Gawker had been preparing to bring the case to the appellate court when a jury awarded Hogan $115 million in compensatory damages and $25 million in punitive damages in March. The company filed for bankruptcy the same month.

The issue started when Hogan filed a lawsuit against Gawker and members of its staff after the website posted parts of a sex tape showing him with Heather Clem. In his complaint, the wrestler stated that the story violated his privacy and infringed on his personality rights. He further claimed that the company intentionally caused him emotional distress. For its part, Gawker believed that backing down from the lawsuit would mean sacrificing freedom of the press.  

"It's obscene. (The settlement) enshrines a disastrous precedent," said Gizmodo Media features editor Tom Scocca via CNN Money.

Scocca added via CNN Money, "It seems they perceived that the bankruptcy process was going to be too costly and brutal for them to endure, but the price they paid in principle and money amounts to complete destruction. Victory on appeal was the thing that kept people going, and the surrender of that chance, certifying the verdict of the show trial against us, is an unspeakably bitter result."

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