Vice Media to be acquired by Fortress Investment Group

Media company Vice Group Holding Inc. is poised to be acquired out of bankruptcy by a group of its lenders led by Fortress Investment Group, Soros Fund Management and Monroe Capital in a transaction worth roughly $225 million. Vice said in a Thursday court filing that it didn’t receive any other qualified bids for its assets ahead of a planned bankruptcy auction and therefore would move forward with the Fortress-led offer it entered Chapter 11 with. Sign up for Ad Age newsletters From influencer marketing to agencies, get the latest news and analysis delivered to your inbox Click here The deal is in the form of a credit bid, which allows lenders to use debt they’re owed toward the purchase of a company’s assets out of bankruptcy. The deal will let Vice keep operating with substantially less debt after exiting court protection. A hearing to approve the sale is scheduled for Friday. Vice filed for bankruptcy in May, a long fall for a company once valued at $5.7 billion. Fortress Credit Corp. ranked among the media company’s biggest secured creditors, with claims totaling about $475 million, the company’s petition showed. The case is Vice Group Holding Inc., 23-10738, U.S. Bankruptcy Court for the Southern District of New York. —Bloomberg News Subscribe to Ad Age Sign up now for the latest industry news and analysis Click here

Vice Media to be acquired by Fortress Investment Group

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