Hulk Hogan's payday isn't going to be as big as originally thought, brother.
A report in The NY Post says that a federal judge in Manhattan has approved a bankruptcy plan for Gawker that includes a $31 million settlement, payable to the WWE Hall of Famer.
Gawker had posted a video of Hogan having sex with the wife of then-best friend Bubba the Love Sponge. In this video, Hogan was recorded making racist statements, which led to the WWE distancing itself from him. He was removed as a judge on Tough Enough and has not appeared on WWE TV since the racist remarks were reported.
Hogan sued Gawker media and was awarded $140 million by a Florida jury in June. The verdict included $60 million for emotional distress, $55 million in economic damages, and $25 million in punitive damages. Hogan tried to collect on the full amount, which would have effectively bankrupted the company.
When speaking about the $31 million settlement, Gawker's lawyer Gregg Galardi called it "very favorable" as it represents only a fraction of the original amount awarded.
Hogan is expected to receive payment of the settlement by the end of this year.
- From The Web