Posted by Caleb Sink.
A Florida jury recently found Gawker Media responsible for $25 million in punitive damages for publishing a sex tape of Hulk Hogan. Hogan, a former professional wrestler claimed he did not know he was being taped. $15 million of was awarded against Gawker Media and the remaining $10 million will be charged against Nick Denton the owner. These punitive damages come in addition to the $115 million the jury imposed last week.
Hogan’s lawyers wanted to add punitive damages despite Gawker Media’s lawyer’s claims that the $115 million was “debilitating” enough for the company. Michael Sullivan stated, “The $115 million judgment is punishment enough and is already far beyond their means.” The company is only worth $83 million buy itself and Nick Denton has a total of $121 million.
In my opinion Gawker Media was in the wrong completely and definitely got what it deserved. However, considering the company is only worth $83 million, I feel as if the punitive damages on top of the $115 million were irrelevant, as it looks as if the company is already going to be depleted of all of its assets anyways.
Gawker Media expects the case to be overturned by an appeals court.
Caleb is a finance major at the Stillman School of Business, Seton Hall University, Class of 2018.