Hulk Hogan accepts $31 Million settlement from Gawker

Hulk Hogan accepted a $31 million settlement from Gawker. "As with any negotiation for resolution, all parties have agreed it is time to move on," David Houston, an attorney for the wrestler said in a statement. Denton issued a lengthy statement online acknowledging the settlement and calling it "unpalatable.

For those who haven't been following the case closely, Hulk Hogan sued Gawker for $100 million back in 2012 and accused the website of invasion of privacy and after the website posted 101 seconds of a sex tape featuring the wrestling icon and his ex-Heather Clem. Hulk asked them to take the video down but they refused.

According to E! reports:

The former pro wrestler was awarded $115 million in his legal case against Gawker, a jury reached a verdict in regards to punitive damages. On Monday afternoon, Gawker Media was hit with $15 million in punitive damages while its founder Nick Denton will have to personally pay $10 million. The decision came after only about three hours of deliberations.

Friday's financial award was for economic injuries and emotional distress while today's ruling specifically related to punitive damages typically awarded to punish the defendant. In court testimony, Hulk's lawyer said Gawker Media is worth $83 million while the founder is said to have a net-worth of $121 million pre-judgment.

"Thank you God for justice, only love 4life," Hulk shared on Twitter after the initial verdict was read Friday evening. "Told ya I was gonna slam another giant."

His team added, "We're exceptionally happy with the verdict. We think it represents a statement as to the public's disgust with the invasion of privacy disguised as journalism. The verdict says no more."

That sentiment was only echoed Monday when the team added, "We are extremely happy with the verdict and [Hulk] feels vindicated. Our victory will also deter others from victimizing innocent people. This verdict now requires those organizations to respect privacy and if not pay the price for failing to do so." Gawker, however, made it clear that they will be ready to fight once the appeals process begins.