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Gawker Seeks Reduction in Judgment After Reports Say Billionaire Backed Hogan

2 pointsby dcgudemanabout 9 years ago

1 comment

dcgudemanabout 9 years ago
<i>Mr. Thiel’s motivation for being involved in the case is unclear, but his animus toward Gawker dates back to at least 2007, when Gawker’s Valleywag blog revealed that he was gay. Mr. Thiel, who has since publicly discussed his sexuality, in a 2009 interview described Valleywag as “the Silicon Valley equivalent of al Qaeda.” Gawker has since closed the site.</i><p>-----<p><i>At trial, the Florida jury was told that Gawker Media was worth $83 million and that CEO Nick Denton, who was personally ordered to pay Mr. Bollea $10 million in punitive damages, was worth $121 million. The company generated $48.7 million in revenue last year, according to information revealed at the trial. In 2014, it turned an operating profit of $6.5 million on $44.3 million in revenue, according to a company disclosure.</i>