Vice Media Recalibrates to a New Start: Once Worth Billions, Fortress Acquired it for $350 Million
Vice News coverage on the aftermath of Roe V. Wade. Vice Media’s formal acquisition by Fortress Investment Group in their post-bankruptcy deal marks the beginning of an era under new ownership. By: Theng Min Yee
The acquisition of Vice Media by affiliates of Fortress, Soros Fund Management and Monroe Capital signals the beleaguered media company’s closure of Chapter 11 cases. It also marks the start of operations under new ownership. Fortress, Soros and Monroe are now in control of all assets, which includes Pulse Films, the Vice TV network, the Vice Studios Film & TV unit, Refinery 29, agency Carrot Creative and fashion title i-D. The $350 million acquisition deal for Vice Media was first announced in June, a month after the media company filed for Chapter 11 bankruptcy.
Once valued at $5.7 billion, the formerly thriving media house faced a slew of challenges, as its advertising shifts and declining audiences reduced its profitability greatly. Financial woes saw the company attempting to pitch itself to potential buyers, as well as the resignation of former CEO Nancy Dubuc in February.
Bruce Dixon and Hozefa Lokhandwala, the newly appointed co-CEO at Vice said that the deal signalled, “The start of an exciting new chapter” for the company. They commented: “Under new ownership and with this leadership team, Vice is positioned to drive our uniquely differentiated brand of news, entertainment and lifestyle content that makes Vice a trusted brand for global audiences and a valued partner to brands, agencies and platforms.”
The Vice Union equally regarded the acquisition positively, and said they are, “Pleased to learn that Fortress has finalised its purchase of Vice, and hope that this signals the end of what has been an overall chaotic and unpleasant period for our union members.”
In a joint statement, the investment firms commented, “We are very pleased to complete the acquisition of Vice and we are excited to build upon the achievements of one of the most iconic brands in news and entertainment. We look forward to growing a strong business that is committed to serving audiences, brands and partners with award-winning content.”
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