For all the hype surrounding Gawker Media’s bankruptcy sale, it failed to produce more than two offers.
In addition to Ziff Davis’ $90 million “stalking horse” offer for Gawker Media, Univision Communications wants in. Reuters reports that the company—which owns the Spanish-language cable network Univision, Fusion, The Onion, and more—has made a bid to compete with Ziff Davis’ number.
Univision and Ziff Davis were the only clear bidders among a few that we sorted through on Monday, when bids for Gawker were due. There was a rumor that Vox Media and Penske Media made a joint offer, but that hasn’t been confirmed.
The Ziff Davis offer comes with a provision that keeps Gawker founder Nick Denton on for two years. If Gawker selects the Univision bid, the company must pay Ziff Davis a $2.47 million breakup fee.
Depsite the allure of keeping Denton and the fee, we imagine Gawker is leaning toward Univision. The comfort that a giant media company can provide might prove irresistible.
Now that bids have been submitted, both of the company’s reps and Gawker’s team will meet today to discuss the offers. Gawker’s lawyers will then select a winning bid; pending a bankruptcy judge approval on Aug. 18. In other words, by the end of today, Gawker will have a new owner.