All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account A person familiar with the matter told CNN that GoDigital was preparing to submit a bid between $300 million and $350 million. The company said Thursday that it had submitted a bid for significantly more than the stalking horse bid by the three creditors. GoDigital Media Group disputed the assertion that a better bid had not been submitted. The sale process allowed others to make a better bid, but Vice said that no such offers materialized. On Thursday, Vice filed court documents showing the group had raised its offer to $350 million. At the time, Fortress, Soros, and Monroe submitted what is known as a “stalking horse bid” for the company’s assets, an initial offer that sets the number on the low end of the scale. Vice Media filed for Chapter 11 bankruptcy in mid-May. Vice Media has instead found itself ensnared in various business difficulties and executive changes, including the 2018 resignation of co-founder Shane Smith and the departure of his successor, chief executive Nancy Dubuc, earlier this year.Īs the company explored a sale, it also restructured and slashed its workforce and canceled its flagship “Vice News Tonight” program. In recent years, Vice Media has failed to live up to the lofty expectations that it - and the industry - set for the company, which was once valued at more than $5 billion. The acquisition agreement is the latest in a tumultuous period for Vice Media, which was once held up as the future of the business.
Vice will ask a bankruptcy court on Friday to approve the deal. “Under new ownership,” Dixon and Lokhandwala added, “we look forward to a new chapter in VMG’s history, with a renewed focus and commitment to creating world-class content for our audiences and partners.”
“It still hasn’t been finalized by the court, but once it is, it will mark an important milestone on the road to long-term financial health and stability for VMG.”
VICE MEDIA OWNER UPDATE
“We are providing you with this update in real-time to let you know the Company’s intention to move forward with this sale,” Dixon and Lokhandwala wrote in the memo. The acquisition of the one-time media powerhouse by its three creditors - made up of Fortress, Soros Fund Management and Monroe Capital - is set to take place after Vice said in a legal filing Thursday that it received no other satisfactory bids as it explored a sale for the company.īruce Dixon and Hozefa Lokhandwala, co-chief executives of Vice Media Group, informed staff of the decision in a memo Thursday morning. Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $350 million.
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