Media

Gawker’s bankruptcy sale down to the wire

“Today’s gossip is tomorrow’s news” is Gawker’s slogan.

By tomorrow, the bankrupt New York-based digital media outfit will belong to someone other than founder Nick Denton after losing a costly legal battle with former pro wrestler Hulk Hogan.

The bankruptcy sale looks like it will go down to the wire, with at least three players expected to submit bids for Gawker Media Group by the 5 p.m. Monday deadline, according to sources.

Jim Bankoff’s Vox and Penske Media, the LA-based owner of Variety and WWD, are preparing a joint bid, joining publisher Ziff Davis and Spanish-language media giant Univision.

Bidders can try to top each during the auction, which takes place on Tuesday at the Midtown offices of law firm Ropes & Gray.

Other prospective suitors who have looked at the books could surprise and make a play for the company, although a source said it is unclear whether bidders will also want the lease for the office space.

A subsequent sales process could emerge if it turns out that potential buyers don’t want all of the company’s assets.

Gawker received a “stalking horse” bid from Ziff Davis, believed to be north of $90 million, and said it would entertain other offers when it filed for bankruptcy protection in June.

Denton also declared personal bankruptcy to shield himself from a Florida jury’s $140 million invasion-of-privacy judgment for Hogan, whose suit was bankrolled by tech investor Peter Thiel.

Hogan sued Gawker for posting excerpts from a video of him having sex with Heather Clem, then the wife of radio personality Bubba the Love Sponge.

Along with the flagship gossip site, Gawker owns tech site Gizmodo and sports news site Deadspin, as well as women-focused Jezebel, car-centered Jalopnik and Kotaku for video gamers.