New deal for VICE Media

New deal for VICE Media

VICE Media, which recently filed for bankruptcy, is expected to be acquired by a group of buyers from Fortress Investment Group, according to a New York Times report.

The takeover will cost $225 million (A$330 million) with Fortress winning, meaning a “bankruptcy auction” for the company will be cancelled. Lenders to the deal reportedly include Fortress Investment Group, Soros Fund Management and Monroe Capital.

“While we received multiple offers for the company, none of the other offers rose to the level of being considered a superior offer,” VICE Media co-chief executives Hozefa Lokhandwala and Bruce Dixon wrote to staff in an e-mail. internal email.

GoDigital, a privately owned multinational group that owns Latin-based digital media company NGLmitú and music distributor Cinq Music, had reportedly been in talks to acquire VICE, but fell through.

American-Canadian youth broadcaster operations include VICE News, Motherboard, Refinery29 and VICE TV. Content is also screened locally via SBS VICELAND and Nine’s Pedestrian Group.

Source: Keeper, Midweek