June 22 (UPI) — Fortress Investment Group and Soros Fund Management, among others, have won the bid to acquire Vice Media, as announced on Thursday.
The group, consisting of the media company’s creditors, submitted a bid worth $225 million, according to reputable sources like The New York Times, CNBC, and CNN.
Vice Media has announced internally that it will present the case to a bankruptcy court on Friday, and the deal is expected to be finalized soon.
“Today we filed a notice with the bankruptcy court designating the ‘stalking horse bidder’ as the successful bidder for the company,” stated a memo from Vice. “Although it still needs approval from the court, its acceptance would be a significant milestone towards achieving long-term financial health and stability for VMG.”
In May, Vice Media filed for Chapter 11 bankruptcy after defaulting on a $250 million loan.
The potential sale, if approved by the bankruptcy court, will mark the end of Vice’s bankruptcy proceedings.
Vice Media revealed in its internal statement that it received “multiple bids” for the company, but none of them were considered superior to the winning bid.
According to CNBC, GoDigital offered $300 million for Vice Media, but their bid was rejected.
“Our offer exceeded the stalking horse bid made by the sellers,” GoDigital told CNBC. “Despite presenting a higher bid than their own, the sellers chose to decline this opportunity.”
Vice anticipates that the transaction will be completed around July 7.
In 2017, Vice Media was valued at $5.7 billion and operated various entities such as Vice News, Vice Studios, Refinery29, and the Virtue ad agency.
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