News Formal

Investment Group Set to Buy Bankrupt Vice Media for $350 Million

  • 📰 thedailybeast
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

A group of buyers including Fortress Investment Group and Soros Fund Management will purchase Vice Media out of bankruptcy for $350 million, The New York Times reported on Thursday.

last month ahead of a potential sale of the business. At the time, Fortress and Soros had placed a bid of $225 million to acquire Vice and take on its “significant liabilities.

” The lenders eventually raised their offer to $350 million, and Vice’s leadership informed staff on Thursday that they intended to submit the bid to the bankruptcy court for approval. “While we received multiple bids for the company, none of the other bids rose to the level of being deemed a superior bid,” the executives wrote. The group’s bid, meanwhile, is likely covered by their existing loans to Vice.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 307. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vice Media declares Fortress Investment Group the winning bidder in bankruptcy saleVice Media will be acquired by Fortress Investment Group and other creditors for $225 million.
Source: CNBC - 🏆 12. / 72 Read more »

Vice Media to Be Acquired by Fortress Investment GroupAfter filing for Chapter 11 bankruptcy in May, Vice Media is set to be acquired by its lenders Fortress Investment Group and and Soros Fund Management. Vice representatives declined Variety’s…
Source: Variety - 🏆 108. / 63 Read more »