According to several media outlets, Vice Media, that once was valued at billions of dollars, is set to be acquired out of Chapter 11 Bankruptcy by three investment companies, including Fortress Investment Group, for $350 million.
Vice TV most notably airs Dark Side of the Ring.
Vice Media filed bankruptcy back in mid-May. 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. That bid was approximately $225 million. This past Thursday, Vice filed court documents showing the group had raised its offer to $350 million. The sale process allowed others to make a better bid, but Vice said that no such offers materialized.
GoDigital Media Group disputed the assertion that a better bid had not been submitted.
The company also said this past Thursday that it had submitted a bid for significantly more than the stalking horse bid by the three creditors.
Source: CNN