Vice Media will be bought out of bankruptcy by a group of investors led by billionaire George Soros for around A$590 million, a far cry from the media company’s $8.4 billion valuation just five years ago.
The Hail Mary offer will see the struggling company rescued from bankruptcy, after a failed year-long search for a suitable buyer.
Vice secured a $30 million “lifeline” from Fortress Investment Group in late March to pay vendors, and announced last month it would be shutting Vice World News, its global reporting arm.
This comes after CEO Nancy Dubuc exited the role in January, after five years, followed by the Global President of News & Entertainment Jesse Angelo.
Under the new deal Soros Fund Management and Fortress Investment Group would own the company, with Vice’s other shareholders, including TPG Group and James Murdoch “wiped out” by the bankruptcy and sale.
