US Spanish language broadcaster Univision is reportedly set to make an offer for embattled US news website Gawker Media, after it was forced to file for bankruptcy in a long running litigation case brought by former wrestler Hulk Hogan.
Citing sources close to the matter Reuters states that Univision will bid for the business during a planned auction for the publisher and follows a $90m stalking horse bid from rival media company Ziff Davis.
Despite building a cult readership drawn to its controversial editorials Gawker has thus far failed to generate much industry interest with Univision’s offer currently the sole bid for the business – although Ziff may opt to increase their offer to remain in contention.
In an attempt to drum up interest in the auction Gawker has appointed an investment banker to approach 40 potential buyers to market the website as a going concern.
Gawker was forced to file for bankruptcy after finding itself on the hook for $140m in a privacy lawsuit after it published excerpts from a sex tape featuring Hogan.