Fortress Investment Group, a leading PE firm, is set to acquire bankrupt Vice Media in a deal worth a reported $225 million and would give Fortress control of Vice’s assets, including its digital media properties, its film and television production businesses, and its music and events division.
Vice Media filed for bankruptcy protection in May 2023 after years of financial troubles. The company had been struggling to adapt to the changing media landscape, as more and more people were turning to online platforms for their news and entertainment.
Fortress is known for its turnaround skills, and the firm is confident that it can turn Vice Media around. “We believe that Vice Media has a strong brand and a talented team,” said Joshua Harris, the co-founder of Fortress. “We are excited to partner with the company to help it achieve its full potential.”
Private Equity News UK – Fortress Investment Set to Acquire Bankrupt Vice Media
The acquisition of Vice Media by Fortress is a sign of the growing interest in the media sector by private equity firms. The sector is ripe for consolidation, as traditional media companies face increasing competition from online platforms.
The deal is expected to close in the next few months. Once the deal is finalized, Fortress will become the new owner of Vice Media. The company will then be known as Vice Media Group, LLC.
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