Fortress Investment Group, along with a group of buyers, is poised to acquire Vice Media, the bankrupt media company, based on information from insiders.
The report stated that out of several bidders, only Fortress’ offer was deemed “qualified” in the acquisition process.
The bidding group, including Fortress, put forward a proposal of $350 million to secure ownership of the distressed media company.
In an email to Vice employees, co-chief executives Hozefa Lokhandwala and Bruce Dixon announced their intention to submit Fortress’s bid to the bankruptcy court for approval.
After years of unsuccessful attempts to sell itself, Vice Media filed for bankruptcy in May. As one of its lenders, Fortress held a prominent position to assume control of the company. Subsequently, Vice sought to facilitate a sale during the bankruptcy proceedings to generate additional interest.
According to the sources, the Vice Media is known for its properties is now on track to be acquired by a consortium of buyers led by Fortress Investment Group.
