Vice Media, the once-highly valued media company, is set to be acquired out of bankruptcy by three investment companies for $225M. The three creditors, Fortress Investment Group, Soros Fund Management, and Monroe Capital, are set to take control after Vice announced in a legal filing there were no other satisfactory bids. Vice needs to ask a bankruptcy court to approve the deal on Friday. - "Under new ownership," co-chief executives Bruce Dixon and Hozefa Lokhandwala told staff members, "we look forward to a new chapter in VMG's history, with a renewed focus and commitment to creating world-class content for our audiences and partners."
- Vice Media was once valued at more than $5B but failed to live up to expectations amid poor business decisions and a revolving door of executives coming and going.
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