Vice Media Group announced the completion of its post-bankruptcy sale to a consortium of former lenders, in a deal valuing the once-high-flying media company at $350 million.
As previously announced, the new owners of Vice Media are funds managed by affiliates of Fortress Investment Group, Soros Fund Management and Monroe Capital. The recently installed co-CEOs of Vice Media Group heralded the deal close as “the start of an exciting new chapter” for the Brooklyn-based company.
Vice Media filed for Chapter 11 bankruptcy protection in May, after months of struggling to pay its bills. It’s a fire sale for the company, which in 2017 had boasted a valuation of $5.7 billion.
The bankruptcy and sale was set to “wipe out” the value of most of Vice’s other shareholders, including private-equity firm TPG Group and James Murdoch (who invested in the company via his Lupa Systems investment firm), the Wall Street Journal previously reported.
“With the support of our investor group, we now have the resources to strengthen our business, our partnerships and our content creation across all platforms,” Bruce Dixon and Hozefa Lokhandwala, Vice’s co-CEOs, said in a statement. “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 cash-strapped company previously had been seeking a buyer, with no success. In February 2023, Nancy Dubuc announced her exit as CEO after almost five years after which Vice named longtime execs Dixon and Lokhandwala as co-CEOs.
The investment firms that now own Vice Media said in a joint statement, “We are very pleased to complete the acquisition of Vice and we are excited to build upon the achievements of one of the most iconic brands in news and entertainment. We look forward to growing a strong business that is committed to serving audiences, brands and partners with award-winning content.”
Vice Media Group’s five main business units are: Vice.com, the Vice Studios film and TV production unit; the Vice TV television network; Vice News; and creative agency Virtue. The company’s portfolio also includes Refinery29, the media and entertainment brand focused on women acquired in 2019; London-based Pulse Films; and i-D, a digital and print style publication covering fashion, culture and design.
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