Investment Group Set to Buy Bankrupt Vice Media for $350 Million
The troubled media company, which was once valued at nearly $6 billion, filed for bankruptcy last month.
REUTERS
A group of buyers including Fortress Investment Group and Soros Fund Management will purchase Vice Media out of bankruptcy for $350 million, The New York Times reported on Thursday. The troubled media company, which had once been valued at nearly $6 billion, filed for bankruptcy last month ahead of a potential sale of the business. At the time, Fortress and Soros had placed a bid of $225 million to acquire Vice and take on its “significant liabilities.” The lenders eventually raised their offer to $350 million, and Vice’s leadership informed staff on Thursday that they intended to submit the bid to the bankruptcy court for approval. “While we received multiple bids for the company, none of the other bids rose to the level of being deemed a superior bid,” the executives wrote. The group’s bid, meanwhile, is likely covered by their existing loans to Vice. Shane Smith, the headline-making co-founder who became the face of Vice (for good and bad), is expected to retain a role with the company but not as chief executive.
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