Vice Media Group has completed its $350 million sale to a consortium of its former lenders, led by Fortress Investment Group LLC, Soros Fund Management and Monroe Capital.
The deal comes after Vice Media filed for bankruptcy protection in May after years of financial difficulties, top-executive departures and previous efforts to sell itself.
The digital media trailblazer, known for sites including Vice and Motherboard, was valued at $5.7 billion at its peak in 2017.
Read more: Transforming production at Vice Media Group
Vice’s News division is a key source of information for Gen Z and is watched on TikTok and other social platforms by hundreds of millions of people. Its studio group, including Vice Studios and Pulse Films, produced Bamarush for HBO Max, Lewis Capaldi: How I’m Feeling Now for Netflix, The American Gladiators Documentary for ESPN, Gangs of London for Sky, and Tell Me Lies for Hulu.
“This marks the start of an exciting new chapter for Vice,” said Bruce Dixon and Hozefa Lokhandwala, Vice’s Co-Chief Executive Officers. “With the support of our Investor Group, we now have the resources to strengthen our business, our partnerships and our content creation across all platforms.
“Under new ownership and with this leadership team, Vice is positioned to drive our uniquely differentiated brand of news, entertainment and lifestyle content that makes Vice a trusted brand for global audiences and a valued partner to brands, agencies and platforms.”
“We are very pleased to complete the acquisition of Vice and we are excited to build upon the achievements of one of the most iconic brands in news and entertainment,” the Investor Group said in a joint statement.
”We look forward to growing a strong business that is committed to serving audiences, brands and partners with award-winning content. With a strong management team in place, Vice is well-positioned to grow its uniquely compelling world class businesses and drive value during its next chapter.”
Read more: Vice Media Group CEO Nancy Dubuc to leave
No comments yet