Digital media and broadcasting company Vice has filed for bankruptcy protection.
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Announced in a statement earlier today, May 15th, the company confirmed it’s negotiating a sale to a consortium that includes Fortress Investment Group, Soros Fund Management and Monroe Capital. Once valued at $5.7 billion, Vice could be acquired for just $225 million.
“Vice serves a huge global audience with a unique brand of news, entertainment and lifestyle content,” the firm’s co-chief executives, Hozefa Lokhandwala and Bruce Dixon, said. “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes Vice such a trusted brand for young people and such a valued partner to brands, agencies and platforms.”
Earlier this month, The New York Times reported that Vice was preparing to file for bankruptcy. It followed a wave of layoffs and restructuring, as well as the cancellation of Vice’s signature newscast, Vice News Tonight, in April.
We’ll report more on this story as it unfolds.
Originally reported by RA.
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