Vice Media declares Fortress Investment Group the winning bidder in bankruptcy sale

Vice Media has declared Fortress Investment Group’s stalking horse bid of $225 million the profitable supply for the corporate because it emerges from chapter.

Vice obtained a number of bids for the corporate, however none of them “rose to the level of being deemed a superior bid,” in line with an inner memo obtained by CNBC.

Closely held GoDigital submitted one of many bids at a $300 million valuation, in line with an individual conversant in the matter. Fortress wished extra cash within the supply and had issues about GoDigital’s funding, in line with two folks conversant in the matter, who requested to not be communicate publicly as a result of the bidding particulars are personal.

“Our offer was significantly more than the stalking horse bid by the sellers,” GoDigital stated in a press release. “The sellers chose to turn down this opportunity even though it was a bid higher than their own.”

GoDigital chief technique officer Craig Greiwe added in a press release to CNBC that the corporate “remains ready to acquire Vice on reasonable terms and had demonstrated the financial ability to do so as part of this process.”

Fortress led a bunch of collectors, together with Soros Fund Management and Monroe Capital, that took over Vice out of chapter main as much as a possible public sale for the corporate this week. That public sale will not happen with out excellent credible bids.

Vice will current the sale to chapter court docket on Friday and expects the acquisition to shut then, the corporate stated within the memo.

The sale closes a chapter for the digital media firm that was valued at $5.7 billion in 2017. Vice owns a collection of property together with Vice News, Vice Studios, Refinery29 and an advert company known as Virtue.

Spokespeople for Vice and Fortress declined to remark.

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