https://sputnikglobe.com/20230506/report-soros-fortress-investment-group-may-buy-vice-media-in-400-million-deal-1110132492.html
Report: Soros, Fortress Investment Group May Buy Vice Media in $400 Million Deal
Report: Soros, Fortress Investment Group May Buy Vice Media in $400 Million Deal
Sputnik International
A fund headed by billionaire George Soros will purchase Vice Media for $400 million dollars along with Fortress Investment Group.
2023-05-06T01:56+0000
2023-05-06T01:56+0000
2023-05-06T01:52+0000
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The Soros Fund Management, the primary asset manager of billionaire George Soros’ Open Society Foundations, is reportedly planning to partner with the hedge fund Fortress Investment Group to buy Vice Media for an estimated $400 million.The deal is expected to buy out other Vice investors, including private equity firm TPG Group, Sixth Street Partners and media mogul James Murdoch, the youngest son of News Corp CEO Rupert Murdoch.Insider sources told US media that the current management team at Vice will likely remain in place, and that buyers plan to find a role for Vice co-founder Shane Smith.The sale, which is part of a planned bankruptcy declaration, could go forward as early as next week, the sources said. Some of Vice’s debt held by TPG and Sixth Street may drop in value as part of the deal.In 2019, the Soros group and Fortress were part of a consortium that invested $250 million in Vice, a cash infusion intended to help the company after it failed to live up to its $5.7 billion valuation in 2017.It is still possible that another company may emerge to outbid the Soros/Fortress group but any other offers would likely have to absorb significant portions of the debt held by Vice Media.Two months ago, Vice was rumored to be fielding multiple $400 million offers, but Vice’s lenders shot down the deals because it would have left them with significant debt. Around that time, Greek broadcaster Antenna Group also canceled a multimillion-dollar contract to buy Vice news content, further hurting the media company’s sale prospects and severing a funding source that acted as a lifeline for the news department at Vice.Vice is not the only such outlet to face troubles in recent months. In January, Vox Media fired 7% of its staff in a cost-cutting measure and Buzzfeed closed its news division in April.George Soros is an entrepreneur with a personal net worth of $8.2 billion as of March 2021, though he has also donated more than $32 billion to his Open Society Foundations.
https://sputnikglobe.com/20230502/us-media-outlet-vice-may-file-for-bankruptcy-in-coming-weeks-1110019558.html
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george soros, vice media, what companies does soros own, fortress investment group, what happened to vice, is vice shutting down
george soros, vice media, what companies does soros own, fortress investment group, what happened to vice, is vice shutting down
Report: Soros, Fortress Investment Group May Buy Vice Media in $400 Million Deal
Vice Media was established in 1994 and initially co-founded by Suroosh Alvi, Gavin McInnes and Shane Smith in Canada before its headquarters moved to New York. Its assets include Vice News, Vice TV, Refinery 29 and Motherboard.
The Soros Fund Management, the primary asset manager of billionaire George Soros’ Open Society Foundations, is
reportedly planning to partner with the hedge fund Fortress Investment Group to buy Vice Media for an estimated $400 million.
The deal is expected to buy out other Vice investors, including private equity firm TPG Group, Sixth Street Partners and media mogul James Murdoch, the youngest son of News Corp CEO Rupert Murdoch.
Insider sources told US media that the current management team at Vice will likely remain in place, and that buyers plan to find a role for Vice co-founder Shane Smith.
The sale, which is part of a planned bankruptcy declaration, could go forward as early as next week, the sources said. Some of Vice’s debt held by TPG and Sixth Street may drop in value as part of the deal.
In 2019, the Soros group and Fortress were part of a consortium that invested $250 million in Vice, a cash infusion intended to help the company after it failed to live up to its $5.7 billion valuation in 2017.
It is still possible that another company may emerge to outbid the Soros/Fortress group but any other offers would likely have to absorb significant portions of the debt held by Vice Media.
Two months ago, Vice was rumored to be fielding multiple $400 million offers, but Vice’s lenders shot down the deals because it would have left them with significant debt. Around that time, Greek broadcaster Antenna Group also canceled a multimillion-dollar contract to buy Vice news content, further hurting the media company’s sale prospects and severing a funding source that acted as a lifeline for the news department at Vice.
Digital news groups saw massive growth and investments in the 2010s, but many have since struggled to find advertisers who typically prefer buying ads on search engines and social media websites.
Vice is not the only such outlet to face troubles in recent months. In January, Vox Media fired 7% of its staff in a cost-cutting measure and Buzzfeed closed its news division in April.
George Soros is an entrepreneur with a personal net worth of $8.2 billion as of March 2021, though he has also donated more than $32 billion to his Open Society Foundations.
