Hulk Hogan and Gawker Media settle for $31 million

Incorporated in the Cayman Islands in 2012 by Nick Denton, Gawker Media is an online media company which manages a network of blogs.

Its blogs include Gizmodo, Kotaku, LifeHacker, Gawker.com, Deadspin, Jalopnik and Jezebel.

According to 2014 figures, Gawker Media had an annual revenue of $45 million.

However, in June 2016, it filed for bankruptcy protection after losing a court case against Hulk Hogan.

In 2012, Gawker Media posted a sex tape of former wrestler Hulk Hogan.

Hulk Hogan sent Gawker Media cease-and-desist order, but the company refused, following which Hogan sued Gawker for $100 million in damages.

In March 2016, the jury ruled in favour of Hogan, asking Gawker to pay $140 million in damages to Hogan.

Gawker appealed in April, and has now lost the case.

Gawker Media, an online media company, is up for sale, and here are its potential buyers.

American publishing and internet company Ziff Davis LLC put in a $90 million bid.

Other bidders include Spanish language media company Univision, the New York Magazine, Vox Media, and Penske Media, although the amounts of their bids are unknown.

At the auction on 16th August, 2016, Gawker Media was sold to Univision for $135 million.

Univision beat digital media publisher Ziff Davis for the same. The sale will be officially approved by a bankruptcy judge at a hearing, later this week.

The sale of Gawker Media gives the company an outside owner for the first time since it was founded (14 years ago).

Former professional wrestler Hulk Hogan and accused Gawker Media reached a cash settlement of $31 million.

Gawker Media was accused of leaking Hulk Hogan's sex tape for which Hogan had won a $140 million judgment.

The current settlement also entitles Hulk to receive a part of Gawker.com's future sale, the one which was excluded in its sale to Univision.