Peter Thiel won't buy Gawker according to new agreement

Billionaire Peter Thiel has abandoned his bid to buy the news website through a proposed settlement between Thiel Capital LLC and a liquidator for Gawker Media LLC.

Thiel previously made a bid for Gawker’s back in January, but it is believed that purchasing the website would cause legal issues concerning allegations of him secretly funding litigation that ended the website; he has also agreed to release claims against an eventual buyer and authors of articles on the website and promised to end further litigation against Gawker concerning its archives.

Thiel had reportedly funded Terry Bollea, better known as Hulk Hogan, in his lawsuit against Gawker after it published a sexually-explicit video of him, with Bollea ultimately winning a $140 million judgment against Gawker back in 2016, causing the website to filed for bankruptcy three months later.

At this time, the settlement requires a judge's approval.

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