Vice Media Group, once valued at whopping five billion dollars, has accepted an acquisition by three major creditors. According to CNN Business, the acquisition for the former media powerhouse was made by Fortress Investment Group, Soros Fund Management and Monroe Capital for $225 million.
Vice noted that this bid of $225 million was the single satisfactory bid that was considered while a sale of the company was being explored. Vice Media Group was once the future of business but now the group will be appearing in bankruptcy court on Friday to approve the sale to the three creditors.
Recently, Vice has experienced an extremely tumultuous period. Vice found itself stuck in a constant state of turnover within business and executive changes. Some instances include the resignation of co-founder Shane Smith and the resignation of Nancy Dubuc, former chief executive.
The staff was informed via memo on Thursday morning by the co-chief executives of Vice Media Group Hozefa Lokhandwala and Bruce Dixon. According to CNN Business, the memo stated, “we are providing you with this update in realtime to let you know the company’s intention to move forward with this sale… it still hasn’t been finalized by the court, but once it is, it will mark an important milestone on the road to long-term financial health and stability for VMG.”
Lokhandwala and Dixon also wrote “Under new ownership, we look forward to a new chapter in VMG’s history, with a renewed focus and commitment to creating world-class content for our audiences and partners.”
News of the sales approval should be revealed tomorrow. Perhaps Vice Media Group can grow back to the once billion dollar company it once was under new ownership.