The Boston Herald reports that Digital First Media, owner of the Denver Post and hundreds of other publications across the country, submitted the highest bid at $11.9 million to buy the newspaper at a bankruptcy auction held Tuesday afternoon.

Digital First, which operates as Media News Group, outbid GateHouse Media and Revolution Capital.

Digital First also owns the Lowell Sun and the Fitchburg Sentinel & Enterprise in Massachusetts.

The Herald reported that the results of the auction were confirmed by the Herald’s bankruptcy law firm, Brown Rudnick. A hearing is set for Friday in federal bankruptcy court in Delaware to review the bid.

Digital First did not join the bidding until last week.

The Herald and its unions reached an agreement last month that requires the new owner to hire at least 175 of the newspaper’s current employees, recognize their earned paid time off and honor their seniority for benefits. The alternative is to pay severance of $7 million.