Jennifer Maas TV Business Writer After filing for Chapter 11 bankruptcy in May, Vice Media is set to be acquired by its lenders Fortress Investment Group and and Soros Fund Management.
Vice representatives declined Variety‘s request for comment Thursday, however, an internal memo was sent out to employees confirming the deal with its own backers, as first reported by the New York Times, is slated to close July 7.
A court hearing is scheduled for Friday during which Fortress’s winning $225 million bid (Vice was valued at $5.7 billion in 2017) for Vice is set to be approved.
At that point, the sale will still need to clear a regulatory approval process to be finalized. Cash-strapped Vice Media has been searching for a buyer over the past year, to no avail.
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