Today in court Gawker learned what happens when Hulkamania runs wild on you after a jury ordered Gawker to pay $115 million dollars in compensatory damages to Hulk Hogan.
Marc Randazza, a free speech lawyer, spoke to me live after the verdict to share his thoughts on the case as well as to discuss Gawker’s next legal move.
Danger & Play Media hot takes:
- Gawker had excellent legal counsel, this was simply a case no one could win.
- New York snark does not translate well to judges and juries.
- Gawker will need to post an appeal bond of 10% of the damages verdict.
- The jury may award up to 3 times the $115 million in punitive damages, for a total award of hundreds of millions of dollars.
- Gawker’s revenue last year were around $44 million. There’s no way Gawker can afford to pay this verdict.
- Gawker owns several websites like Jezebel and Kotaku. Those sites may be sold off to the (lowest) bidder.
- In order to appeal the verdict, Gawker must put up the full verdict amount, or pay 10% (non-refundable) to a company. Bottom line: Gawker will need to pay millions of dollars out of pocket to appeal the Hulk Hogan verdict.
Gawker might not get up from this atomic leg drop.