Vice Media is set to be acquired by a group of its lenders including Fortress Investment Group and Soros Fund Management, capping off a sale process for a once thriving digital-media company that failed in a difficult environment for publishers.
The Wall Street Journal reports a group of Vice Media’s lenders led by Fortress and Soros offered $225 million to take over the company, which filed for bankruptcy last month. On Thursday, Vice filed a notice of an amended bid from the lender group that showed its takeover would value the company at $350 million.
Brooklyn, N.Y.-based Vice was soliciting outside bids, but no offers that the company considered superior emerged, the company’s co-chief executives said.
“While we received multiple bids for the company, none of the other bids rose to the level of being deemed a superior bid,” Bruce Dixon and Hozefa Lokhandwala, Vice’s co-CEOs, said Thursday.
The winning bid needs to be approved by a bankruptcy court. Vice is scheduled to have a hearing in the U.S. Bankruptcy Court in New York on Friday about its sale to Fortress and Soros.
No comments:
Post a Comment