Vice Media looks is set to be purchased by a trio of investment firms – Fortress Investment Group, Soros Fund Management, and Monroe Capital – for $350 million, according to reports from the US.
As Vice's creditors, the consortium reportedly offered the most satisfactory bid following Vice's exploration of potential sales.
Vice Media Group's co-CEOs, Bruce Dixon and Hozefa Lokhandwala, informed staff of the impending sale in a memo.
This move follows a period of struggle for Vice Media, once valued at over $5 billion and hailed as a media industry frontrunner.
However, the company ran into difficulties, leading to executive turnovers and layoffs, ultimately culminating in Chapter 11 bankruptcy filing in mid-May.
GoDigital Media Group has disputed Vice's claim of no other significant bids, asserting it had offered a considerable amount. Despite this contention, Vice is proceeding with the $350 million sale to its creditors.