Vice Media to be acquired by Fortress Investment Group: Reports
The deal is reportedly worth $225 million
Media company Vice Media is all set to be acquired by a group of buyers including Fortress Investment Group, according to media reports. The bankrupt company will receive a pay out of $225 million, say some media reports citing a legal filing. The money will be given for almost all of the company's assets and some of its liabilities.
The hearing to approve the sale of Vice Media is scheduled to be held on Friday, according to a filing with the U.S. bankruptcy court in Manhattan on Thursday.
The company filed for bankruptcy protection last month following years of financial difficulties and exit of top leadership.
Vice Media’s downfall started after 2017 when the company's valuation rose to $5.7 billion at its peak. The company had then received funding from James Murdoch's Lupa Systems, TPG, Technology Crossover Ventures, and Antenna Group.
