Vice Media Emerges Strong After Completing Sale to Consortium of Lenders
Vice Media, the renowned digital news and lifestyle brand, has successfully emerged from bankruptcy as it completes its sale to a consortium of former lenders led by Fortress Investment Group, Soros Fund Management, and Monroe Capital.
After filing for Chapter 11 in May, Vice Media went through a rigorous bidding process, with several offers on the table. Ultimately, a bankruptcy court judge in the Southern District of New York agreed that the best proposal came from this group of lenders, paving the way for the sale.
In a joint statement, the consortium expressed their excitement about acquiring Vice Media and building upon its iconic brand in news and entertainment. They are determined to grow a robust business that caters to audiences, brands, and partners with its award-winning content. The strong management team in place positions Vice Media for continued growth in its next chapter.
Co-CEOs Bruce Dixon and Hozefa Lokhandwala, with the support of the investor group, are thrilled about this new phase for Vice Media. They plan to strengthen the business, foster partnerships, and enhance content creation across all platforms. With new ownership and this leadership team, Vice Media aims to drive its uniquely differentiated brand of news, entertainment, and lifestyle content, earning the trust of global audiences and becoming a valued partner for brands, agencies, and platforms.
The journey has not been without its challenges. Shane Smith, one of the original founders and former CEO, handed over the reins to Nancy Dubuc in 2018. Jesse Angelo, the Global President of News & Entertainment, also departed the company. In April, Vice Media streamlined its news division, leading to layoffs and the discontinuation of its signature newscast, Vice News Tonight.
Now, with the sale completed, Vice Media looks forward to a brighter future and continuing its legacy as an influential force in the media industry.
