Top executives from Fusion’s marketing and branded content teams were let go as part of the restructuring.
The settlement ends a four year legal battle between Hulk Hogan and Gawker Media founder Nick Denton.
Gawker Media founder Nick Denton told his staff Gawker.com would shutter next week. Denton will also exit the company.
Gawker listed out its biggest debts in its bankruptcy filing Friday.
The court has barred Gawker from posting the Hulk Hogan sex tape and it finalized the $140.1 million verdict issued in March.
A judge in Florida state court upheld a jury verdict awarding Terry Bollea, aka Hulk Hogan, $140.1 million in damages.
Gawker filed motions seeking a new trial in the Hulk Hogan case, and asked for punitive damages to be reversed.
Denton took to Gawker.com to lend his views on the two-week trial he just endured.
Trump said he’d “loosen” libel laws as president, while referencing Hulk Hogan’s right to privacy verdict against Gawker.
The punitive damages come after a jury awarded Hogan $115 million in compensatory damages.
Lawyers for Gawker said heaping on additional damages would financially ruin the company. A jury awarded Hulk Hogan $115 million last week.
A jury said that Gawker violated the privacy rights of Terry Bollea, aka Hulk Hogan.
The St. Petersburg, Fla.-based jury heard closing arguments in the Hulk Hogan sex tape trial.