Bankruptcy-bound media company Vice Media is reportedly set to be acquired out of Chapter 11 by a group of investors, including billionaire George Soros, for approximately $400 million. This comes after the Brooklyn-based company, once valued at nearly $6 billion, struggled to find a buyer over the past year, leading to its decision to file for bankruptcy.
According to reports, the post-bankruptcy arrangement involves a sale to Soros Fund Management, founded by left-wing activist George Soros, and Fortress Investment Group. This deal would significantly devalue Vice Media, valuing it at just $400 million. It marks a significant decline for the company, which was valued at $5.7 billion in 2017.
Representatives for Vice Media, Soros Fund Management, and Fortress have not yet commented on the reported acquisition. Vice CEO Nancy Dubuc left the company in February after a five-year tenure, and co-CEOs Bruce Dixon and Hozefa Lokhandwala assumed leadership roles. As part of the proposed sale, senior lender Fortress plans to involve Vice co-founder Shane Smith, who currently serves as executive chairman, in an undisclosed role.
Shane Smith, known for his bombastic style, was previously the CEO of Vice Media during its peak. However, the company faced criticism following reports of a toxic work environment for female staff and allegations that Vice was built on exaggerations and false representations. The bankruptcy and subsequent sale are expected to result in significant losses for Vice’s other shareholders, including TPG Group and James Murdoch’s Lupa Systems investment firm.
In recent months, Vice Media has faced financial challenges, leading to difficulties in paying vendors. The company received a $30 million “lifeline” from Fortress in late March. Furthermore, Vice recently announced the closure of Vice World News, its global reporting initiative covering world conflict and human rights abuses.
Vice Media Group’s main businesses include Vice Studios, the film and TV production unit, Vice TV, Vice News, and creative agency Virtue. The company also owns Refinery29, a female-focused website, as well as Pulse Films and i-D, a London-based production company and a digital and print publication covering fashion, culture, and design, respectively. The acquisition by Soros Fund Management and Fortress Investment Group may provide a fresh start for Vice Media, albeit at a significantly reduced valuation, while potentially signaling a return to prominence for co-founder Shane Smith.
someone needs to take Soros and family, OUT.
Why is Soros NEVER investigated including his son? We all know they are heling cause chaos in this country and ffrankly this vile,corrupt, hateful ass shouldn’t even be allowed to make purchases without everything being evaluated.