Fortress-Led Group to Acquire Vice Media
Vice Media, the digital media company, is set to be acquired by a group led by Fortress Investment Group LLC. The deal will take Vice Media out of bankruptcy and will be finalized in the coming weeks.
Background of Vice Media
Vice Media was founded in 1994 as a magazine and has since grown into a digital media company with a presence in over 35 countries. It has become a leader in youth culture, producing content for television, digital, and print. Vice Media has also become a major player in the advertising industry, with its content reaching over 200 million people each month.
Decline of Vice Media
Vice Media has been struggling financially in recent years. In 2018, the company laid off 10% of its staff and shut down its print magazine. In 2019, the company laid off 250 employees and shut down its cable channel Viceland. In 2020, the company laid off another 250 employees and was forced to sell off its stake in Refinery29, a digital media company.
Vice Media Files for Bankruptcy
In 2021, Vice Media filed for bankruptcy protection. The company had been struggling to pay its debt and had been unable to secure additional financing. The company had been in talks with potential buyers, but no deal had been reached.
Fortress-Led Group to Acquire Vice Media
In June of 2023, a group led by Fortress Investment Group LLC announced that it had reached an agreement to acquire Vice Media out of bankruptcy. The group includes Vice Media’s current owners, including A&E Networks, Disney, and 21st Century Fox. The deal is expected to be finalized in the coming weeks.
Terms of the Deal
Under the terms of the deal, the Fortress-led group will acquire Vice Media for $2.5 billion. The group will also assume $1.2 billion in debt. The deal will give the group control of Vice Media’s assets, including its digital media properties, television channels, and print magazine.
Future of Vice Media
The Fortress-led group plans to invest in Vice Media and expand its reach. The group plans to focus on digital media, television, and print, as well as expanding into new markets. The group also plans to invest in Vice Media’s advertising business, which has been struggling in recent years.
Impact of the Deal
The acquisition of Vice Media by the Fortress-led group is expected to have a positive impact on the company. The group plans to invest in Vice Media and expand its reach, which could help the company become profitable again. The deal could also help Vice Media become a major player in the digital media and advertising industries.