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An aerial view of the VICE Kills TX Music Showcase during the 2013 SXSW Music & Film + Interactive Festival at Viceland on March 16, 2013 in Austin, Texas. (Photo by Hutton Supancic/Getty Images for SXSW)
Houghton Subanec | Getty Images
Vice Media has announced that Fortress Investment Group’s $225 million stalking horse bid is the winning bid for the company as it emerges from bankruptcy.
Vice has received multiple bids for the company, but none have risen to the level of being a superior bidder, according to an internal memo obtained by CNBC.
GoDigital, which is closely owned by GoDigital, submitted one of the bids worth $300 million, according to a person familiar with the matter. Fortress wanted more money in the bid and had concerns about funding GoDigital, according to two people familiar with the matter, who asked not to speak publicly because the details of the bids are private.
Fortress led a group of creditors, including Soros Fund Management and Monroe Capital, that pulled Vice out of bankruptcy leading to a potential auction of the company this week. This auction will not take place without credible outstanding bids.
The company said in the note that Vice will file the sale with bankruptcy court on Friday and expects the acquisition to close at that time.
The sale closes a chapter for the digital media company that was It was valued at $5.7 billion in 2017. Vice owns a series of assets including Vice News, Vice Studios, Refinery29, and an advertising agency called Virtue.
Spokespeople for Vice, GoDigital and Fortress declined to comment.
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