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Hogan's judgment forced Gawker, known for its sassy tone and
gossipy posts, into bankruptcy in June. Its sister websites,
including sports site Deadspin and women's site Jezebel, were
acquired for $135 million by media company Univision Holdings
Inc in a bankruptcy auction last summer.
"As with any negotiation for resolution, all parties have agreed
it is time to move on," said Hogan's attorney, David Houston.
The settlement is subject to approval by a bankruptcy judge.
Silicon Valley billionaire Peter Thiel said in May he helped
fund the invasion of the privacy lawsuit filed by Hogan, whose
real name is Terry Bollea. The site published an article in 2007
about Thiel's homosexuality.
"It is a great day for Terry Bollea and a great day for
everyone's right to privacy," Thiel said.
Gawker founder Nick Denton, who filed for personal bankruptcy to
protect himself from Hogan's judgment, has accused Thiel of
using his wealth to carry out a vendetta against him and the
site.
Denton, in a blog post published Wednesday, said an "all-out
legal war with Thiel would have cost too much, and hurt too many
people," even though he was confident a court would have reduced
or eliminated the judgment.
"There was no end in sight," Denton wrote.
The settlement also calls for Hogan to receive some proceeds
from a possible future sale of Gawker.com, which was not
included in the sale to Univision.
(Reporting by Jessica DiNapoli; Editing by Andrew Hay and
Jeffrey Benkoe)
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