The new owners, which include Soros Fund Management and Monroe Capital, called the acquisition "the start of an exciting new chapter"
The post Vice Media Sold to Fortress-Led Group for $350 Million in Post-Bankruptcy Deal appeared first on TheWrap.
Vice Media Group’s post-bankruptcy sale for $350 million to a consortium led by Fortress Investment Group has officially closed.
The new owners of Vice Media include funds managed by affiliates of Fortress, Soros Fund Management, and Monroe Capital, who celebrated the deal completion Monday as “the start of an exciting new chapter” for Vice.
The media company filed for Chapter 11 bankruptcy in May, after months of financial trouble. The tumultuous last year has been a dramatic fall from grace, as Vice was once valued at $5.7 billion.
Newly appointed co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a statement that Vice now has access to “the resources to strengthen our business, our partnerships and our content creation across all platforms.”
“Under new ownership and with this leadership team, Vice is positioned to drive our uniquely differentiated brand of news, entertainment and lifestyle content that makes Vice a trusted brand for global audiences and a valued partner to brands, agencies and platforms,” the co-CEOs continued.
In a statement released shortly after the announcement of the deal completion, the Vice union said that they are “pleased to learn that Fortress has finalized its purchase of Vice, and hope that this signals the end of what has been an overall chaotic and unpleasant period for our union members.”
The union called on Fortress “to honor our collective bargaining agreements that have provided Vice’s staff with meaningful worker protections,” which they argue “will not only be a gesture of respect to the workforce, but will also ensure a smooth transition period for everyone involved.”
“It is imperative that Fortress address the outstanding matter of severance owed to dozens of people who were laid off in May,” the union statement continued. “They cannot afford to wait any longer.”
“We look forward to continuing to create our award winning content under new management,” the Vice union concluded, “but remind management that Vice only exists because of our labor.”
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