By Ryan Mac and Matt Drange
Univision, the Spanish-language television and news organization, has formally submitted a bid for bankrupt Gawker Media, two sources close to the negotiations told FORBES. It is unclear how much Univision has offered for the New York-based group of news websites, which now has at least two offers on the table as it goes through a court-supervised auction.
On Monday, interested parties were expected to submit bids by 5 p.m. ahead of the auction, which begins on Tuesday. Digital media firm Ziff Davis had already offered $90 million for Gawker's seven main online properties, including Gawker.com, Deadspin and Jezebel, setting a floor or "stalking horse bid" in the auction.
A source familiar with the situation said that Vox Media, which owns sites such as Recode and SBNation, and Penske Media, the home of Hollywood publications Variety and Deadline, were expected to make a combined bid, but may not have made the deadline. That person also said that Gawker and Univision had been in "meaningful discussion for a possible acquisition" prior to Hulk Hogan's invasion of privacy trial that drove the company to file for bankruptcy.
A spokesperson for Gawker declined to comment. A spokesperson for Univision did not immediately respond to a request for comment.
While Gawker founder Nick Denton said in interviews that as many as 15 parties signed non-disclosure agreements to discuss a possible bid, it seems as if only two, or possibly three, have materialized with actual offers at the crucial moment. And while there was some discussion of multiple bidders acquiring individual Gawker assets, insiders expect that the properties will all go a single winning party.
Univision had been a much-discussed name in the auction process. In May, Politico reported that Univision was interested in investing in Gawker until talks broke down because of the Hulk Hogan trial. Shortly after, FORBES reported in June that Nick Denton met with Univision senior vice president Sameer Deen at the technology-focused Code Conference, where the Gawker CEO had spoke earlier in the day.
Gawker filed for bankruptcy in June after losing an invasion of privacy lawsuit to former wrestler Hogan, who was awarded a $140 million jury verdict by a Florida court. FORBES was the first to reveal that billionaire investor Peter Thiel was secretly funding that lawsuit in an attempt to undermine Gawker Media, which had written unflattering things about him in the past.
On Monday, Thiel published an op-ed in The New York Times, and declared that he was "proud to have contributed financial support to [Hogan's] case."
"I will support him until his final victory—Gawker said it intends to appeal—and I would gladly support someone else in the same position," he wrote.
Follow Ryan on Twitter at @RMac18 or email him at rmac@forbes.com. Follow Matt on Twitter at @MattDrange or email him at mdrange@forbes.com.
