Soros And Fortress To Acquire Vice Media Out Of Bankruptcy
Another buyer could emerge and outbid Vice's lenders for control in a court-supervised sale in Chapter 11 that is expected to begin next week.
Vice Media, which once had a valuation of $5.7 billion, went woke and is now broke, is set to be acquired out of bankruptcy at a valuation of around $400 million by Fortress Investment Group and Soros Fund Management, according to The Wall Street Journal, citing people familiar with the matter.
A bankruptcy filing appears imminent and would be a fitting ending to the tumultuous story of Vice, a new-media Phoenix that rose out of the ashes with its iconoclastic, counterculture facade, then quickly sought to supplant the media establishment before persuading it to invest hundreds of millions. ---More...
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