Forbes:

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.

As noted, the floor price for this auction is $90 million. The award in the Hulk Hogan invasion of privacy lawsuit was $140 million. So it will take a significant auction bid-up just to pay off that award and give Gawker investors their first penny back.