: Vice Media nears sale to lenders for fraction of onetime $5.7 billion valuation: WSJ
Vice Media is close to a deal under which it would be bought out of bankruptcy by Soros Fund Management, Fortress Investment Group and other lenders in a deal valued at $400 million, the Wall Street Journal reported on Friday. The deal, which prices the struggling media outlet far below the $5.7 billion valuation it reached in 2017, would wipe out most of Vice’s shareholders and impair debts held by other firms, the Journal said, citing people familiar with the matter. The deal would follow reports earlier this week that Vice was planning to file for bankruptcy, with the possibility that it could still secure a buyer. The company has laid off staff, amid bigger concerns about the economy’s direction and struggles with aggressive profit, sales and growth targets. It also said it would shut down the news program “Vice News Tonight” and Vice World News. Chief Executive Nancy Dubuc left Vice earlier this year.
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