"For Thief, an investor in Facebook and Palantir, the cost of this exercise is less than 1% of his net worth and a little additional notoriety", Denton wrote in his post.
He said "Hulk Hogan's retirement will be comfortable".
The settlement will require the bankruptcy judge's approval. The site's founder, Nick Denton, vowed to appeal but in a blog post Wednesday declared that "the saga is over", after the two sides reached a financial settlement.
The proposed plan will include a dollar figure, a source close to the case said.
Gawker Media went into bankruptcy protection after the verdict was reached in a Florida court in March.
In bankruptcy court, the parties were prepared to argue about distribution of the Univision proceeds as well as next steps. It now operates all of the company's web sites with the exception of the flagship Gawker.com.
Denton said he was confident an appeals court would eventually "reduce or eliminate the runaway Florida judgment against Gawker" but he said a settlement was reached because the company can not afford to continue. And we expected to prevail in those other two lawsuits by clients of Charles Harder, the lawyer backed by Peter Thiel.
"All-out legal war with Thiel would have cost too much, and hurt too many people, and there was no end in sight", Mr. Denton added.
Writing on blogging platform Medium, Denton didn't give many details on the settlement, though he said it "allows us all to move on, and focus on activities more productive than endless litigation".
After the settlement was announced Wednesday, Thiel struck a celebratory note.
In a statement to CNBC, Thiel said, "It is a great day for Terry Bollea and a great day for everyone's right to privacy".
The news comes eight months after the WWE legend was awarded $140 million, $115 million in compensatory damages and $25 million in punitive damages, after Gawker published a two-minute in 2012 clip of the WWE superstar's 2006 sex tape from a rendezvous with Heather Clem, the wife of his pal, Bubba the Love Sponge.
Some of the former Gawker Media news sites - Gizmodo, Lifehacker, Deadspin, Jezebel, Kotaku and Jalopnik - are being operated by Univision.
And in what Denton refers to as "the most unpalatable part of the deal", he said three stories will be removed from the Internet, one of which involves Hogan.
Thiel defended his role in the litigation during a speech in Washington, D.C. earlier this week, calling Gawker a "singularly sociopathic bully" whose staff members are "not journalists".