The "billionaire with a grudge" to whom he refers is Paypal co-founder Peter Thiel, who's had his share of differences with the media outlet in the past. As a reminder, a Florida Jury awarded Hogan $140.1 million dollars back in May after Thiel helped fund a defamation case against Denton. The official settlement figure has not been released, although the number $31 million kept popping up during initial court filings. In exchange for a vastly reduced payment to Hogan, Gawker must remove the original story, which doesn't sit well with Denton. He noted that the most "unpalatable" part of the settlement is being forced to remove the story from the web because it's a true story, whether it's "newsworthy" or not.
Regardless of the terms and conditions of the deal, both sides seem to be happy to be done with the situation as Hogan's lawyer, David Houston, said, "All parties have agreed it's time to move on."