Vice Media to Be Acquired by Fortress Investment Group

According to one source, privately held holding group GoDigital Media put in a bid for Vice that was $75 million more than the “stalking horse” bid of $225 million from Fortress, however, the cash component requested by Fortress was deemed “unreasonable” by GoDigital leadership.

Per that insider, GoDigital adjusted its bid following several recent material disclosures with less than 12 hours before the bankruptcy auction was set to take place.“After exhaustive negotiations and diligence, GoDigital Media Group developed a plan not just for the survival of Vice and its brands, but for their rejuvenation, growth, and expansion.

Our offer was significantly more than the stalking horse bid by the sellers. Our approach included a concrete plan with real, renewed leadership, expertise, and investment that would have led to a profitable Vice in under 12 months. Ours was the best plan— in spite of Fortress saying they submitted the only bid —to right size the company to the benefit of Vice and its brands, employees, partners, and consumers.

The level of thinking required to solve a problem is typically greater than the level of thinking that created the problem itself. In our opinion, a continuation of the leadership that was a part of Vice’s journey to bankruptcy runs directly counter to the integrity and accountability now demanded in business. We think Fortress’s decision is the wrong choice, and the company, employees, partners, and consumers will suffer.

We believe the choice for Vice’s future is clear. We remain ready to acquire the company on fair and reasonable terms where all parties come to the table focused on the best benefit of the company.”

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