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Vice Media on Monday said it’s reached a deal to be bought by lenders after filing for bankruptcy protection.
Vice said it’s going to be a bought by a lender consortium including Fortress Investment Group, Soros Fund Management and Monroe Capital for $225 million. The Chapter 11 bankruptcy filing means that outside partners will be able to submit higher or better bids.
Vice said all of its brands including Vice and Vice TV will continue to operate and produce content. “Substantially all” of its international entities, as well as its joint venture with A&£, are not part of the Chapter 11 filing, Vice said.
Last month Vice shut down its weekly news broadcast and cut more than 100 jobs, The Wall Street Journal reported. BuzzFeed
BZFD,
last month shut down BuzzFeed News.
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