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Gawker Gets 80% Break on Hulk Hogan Verdict

(CN) - After winning an astonishing $140 million in damages earlier this year, Hulk Hogan has decided to settle with Gawker over its publication of a sex tape featuring him for a fraction of that amount.

According to a blog post by Gawker's founder Nick Denton, the gossip news website agreed Wednesday to pay $31 million to Hogan, whose real name is Terry Bollea.

"As with any negotiation for resolution, all parties have agreed it is time to move on," said Bollea's attorney, David Houston, in a brief statement.

In addition to the money, Gawker must permanently remove the stories about Bollea and a few other non-related pieces. Denton called that "the most unpalatable part of the deal."

The Bollea trial was headed to appellate court where Denton thought the company would win over First Amendment issues.

But Gawker declared bankruptcy this summer and Univision bought the company. With Bollea's lawsuit backed by Silicon Valley billionaire Peter Thiel, who had his own grudge against the gossip website, Denton saw "no end in sight."

Bollea sued Gawker in 2012 for publishing portions of a sex tape between the wrestler and the former wife of his best friend, shock jock Bubba "the Love Sponge" Clem.

Bollea still has a lawsuit pending against those he believes gave the tape to Gawker.

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