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Vice Media’s sale to Fortress Investment-led group gets court approval

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The investor group has agreed to pay about $350-million in the form of a credit bid for all of Vice Media’s assets and some of its liabilities

Online publisher Vice Media will be sold to a consortium led by Fortress Investment Group after the bankruptcy court approved its bid on Friday.

The investor group, which includes Soros Fund Management and Monroe Capital, has agreed to pay about $350-million in the form of a credit bid for all of the company’s assets and some of its liabilities. Popular with millennial audience through its websites Vice and Motherboard, Vice Media filed for bankruptcy protection last month in a move that capped years of financial difficulties and top-executive departures.

The Fortress-led group was the only “qualified” bid on the table, according to a legal filing on Thursday. “We believe represents the best path forward for VICE,” the media company’s co-chief executive officers, Bruce Dixon and Hozefa Lokhandwala, said in a statement.

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