Soros And Fortress To Acquire Vice Media Out Of Bankruptcy
Vice Media, which once had a valuation of $5.7 billion, went woke and is now broke, is set to be acquired out of bankruptcy at a valuation of around $400 million by Fortress Investment Group and Soros Fund Management, according to The Wall Street Journal, citing people familiar with the matter.
A bankruptcy filing appears imminent and would be a fitting ending to the tumultuous story of Vice, a new-media Phoenix that rose out of the ashes with its iconoclastic, counterculture facade, then quickly sought to supplant the media establishment before persuading it to invest hundreds of millions. In 2017, after a funding round from the private-equity firm TPG Group, Vice was worth $5.7 billion. Around this time, the company realized that for the money to keep flowing, it would need to curb its rebellious ways and quickly turned woke, losing most of its fans in the process.... just in case anyone wonders why Vice went woke.
As a result, the company's current valuation is only a fraction of what it was five years ago, as we mentioned earlier this week when discussing the imminent bankruptcy filing.
WSJ said under the deal to purchase the distressed media company out of bankruptcy, all stockholders, including TPG, Sixth Street Partners, and media tycoon James Murdoch would be wiped out in the proposed reorganization plan. The people said outstanding debts held by TPG and Sixth Street "would also be impaired as part of the plan."
The company's largest debtholder, hedge fund Fortress, will likely end up controlling the company. The hedge fund would probably take control of management. They said Fortress would find another role within the company for Vice co-founder Shane Smith.
Another buyer could emerge and outbid Vice's lenders for control in a court-supervised sale in Chapter 11 that is expected to begin next week.
How it started, how it's going...
May 2019-
— Mamacita (@MsBehavin67) May 2, 2023
Vice Media gets $250 Million “Debt Funding” from Soros
May 2023-
Vice Media going bankrupt
🤔 pic.twitter.com/GCpWFS6l3O
This is true.
Vice News was legit AF. 10 years ago, they were doing some of the most badass reporting on Earth. It's shameful what it became after George Soros and his ilk began meddling with it. It's truly unrecognizable. https://t.co/uXmQcxX4u8 pic.twitter.com/qzW2VlRKfH
— Year Zero w/ Rory Biller (@Z3RO_Y34R) May 3, 2023
Go woke with Soros' money. Then quickly go broke.
