Vice Media has named Fortress Investment Group the victorious bidder to purchase the company upon its emergence from bankruptcy. Fortress initiated a $225 million offer for Vice when it sought bankruptcy protection in May. That amount rose to $350 million, giving the group of lenders an edge over other potential buyer GoDigital, who had proposed a $300 million bid. Sources state that Fortress had apprehensions about the validity of GoDigital's funding source.
Vice Media declared Fortress Investment Group the winner of its bid to emerge from bankruptcy, with the group offering $350 million for the company.Multiple bids were received, however, none of them met the criteria to be deemed superior. GoDigital, a closely held firm, submitted one offer at a $300 million valuation but it was ultimately rejected due to its funding and Fortress's desire for more cash. Despite this, GoDigital remains ready to acquire Vice provided the terms are reasonable.Fortress was previously part of a consortium of lenders, including Soros Fund Management and Monroe Capital, which provided Vice with funding in 2019 leading to the company's bankruptcy filing. Although a bankruptcy-run auction was canceled since no other bids were deemed qualified, the move was a means to ascertain if Vice's assets could rise in value.The lenders will likely own the company for the next two to three years before attempting to offload it again, and will consider offers for individual assets during this period.Vice is expected to present the sale to the bankruptcy court on Friday, with the acquisition due to close the same day. This move marks the end of Vice's journey since 2017 when it was valued at $5.7 billion and in possession of a range of assets including Vice News, Vice Studios, Refinery29 and Virtue ad agency.Neither Vice nor Fortress offered any comment when contacted.
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