Vice Media, the once highly valued media company that was preparing to file for bankruptcy, could be rescued by a consortium of investors led by George Soros's fund and Fortress Investment Group. The deal would allow existing management to remain in their roles while keeping Vice founder Shane Smith involved.
Senior lenders involved in the rescue effort include New York-based Fortress Investment Group, led by CEO Peter Briger, and Soros Fund Management. Under the proposed plan, other shareholders would be wiped out as Vice prepares to run a court-supervised sale in a Chapter 11 bankruptcy process. This filing could occur as early as next week.
Founded in 1994 as a free magazine, Vice Media reached its peak in 2017 when it was viewed as an avatar of new media. At the time, it employed 3,000 individuals worldwide across various platforms such as cable networks, websites like more than a dozen websites including two HBO shows; an ad agency; film studio; record label; and even managing operations for London bar.
A recent report suggests that Vice Media is likely to be sold to this group of buyers which includes Soros Fund Management - one of George Soros' many enterprises. While The Wall Street Journal estimates the deal at around $400 million value-wise., The Guardian has reported that final price range falls between $300 million and $350 million.
Should this sale proceed according to expectations set forth within WSJ article,, co-founder Shane Smith will maintain some role within his newly acquired company,, along with retention among senior-level positions held currently therein..
An earlier attempt at purchasing failed last year however after further consideration given towards possibility holding out hope another potential buyer might emerge on market — ultimately leading both parties (Fortress & Co.) deciding best course action lay through opting instead proceed via route involving declaring themselves bankrupt thus allowing them access certain legal protections afforded under such conditions as Chapter 11 filing status provides.