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Fortress Investment Group

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business2 years ago

Workers at Iconic Japanese Department Store Stage Rare Strike in Protest of Sale

Workers at the flagship Seibu department store in Tokyo, Japan, went on strike after talks with management over the planned sale of their company, Sogo & Seibu, broke down. The workers are protesting the sale to U.S. fund Fortress Investment Group and seeking job and business continuity guarantees. The strike, the first at a major Japanese department store in 61 years, comes amid a tight labor market in Japan. Despite the strike, Seven & i plans to announce the sale later on Thursday at a lower price than originally expected.

via Reuters|
#business#department-store#fortress-investment-group
business2 years ago

Fortress Investment Group to Acquire Bankrupt Vice Media for $350 Million

Fortress Investment Group and Soros Fund Management, along with other buyers, will purchase Vice Media out of bankruptcy for $350 million. The troubled media company had once been valued at nearly $6 billion. The bid is likely covered by their existing loans to Vice. Shane Smith, the co-founder, is expected to retain a role with the company but not as chief executive.

via The Daily Beast|
#acquisition#bankruptcy#business
business2 years ago

Fortress and Soros Fund to Acquire Bankrupt Vice Media

Fortress Investment Group, an existing lender of Vice Media, has been designated the winning bidder in the bankruptcy sale of the media company, after pledging $225 million. The sale is expected to be completed by July 7, pending court approval. Vice did not receive any other qualified bids before the deadline. The media company filed for Chapter 11 bankruptcy in May 2023, and has faced tough times in the advertising environment, leading to layoffs and the closure of its flagship TV news show.

via Hollywood Reporter|
#advertising-environment#bankruptcy-sale#business
business2 years ago

Fortress Investment-led consortium to acquire bankrupt Vice Media for $225 million.

A consortium led by Fortress Investment Group, Soros Fund Management, and Monroe Capital will acquire Vice Media out of Chapter 11 bankruptcy for $225 million. The bid was deemed the most qualified, and an auction scheduled for Thursday was canceled as no other offers were deemed superior. The deal could be approved by a judge at a hearing set for tomorrow, and Vice could emerge from Chapter 11 in July.

via Deadline|
#acquisition#business#chapter-11
business2 years ago

Fortress and Soros Fund to Acquire Bankrupt Vice Media

Fortress Investment Group, along with other lenders including Soros Fund Management and Monroe Capital, has reportedly bid $225 million to acquire Vice Media out of bankruptcy. Vice, which filed for bankruptcy on May 15, was once looked at as a crown jewel in the fast-paced digital media sector. The bankruptcy filing revealed the company had assets and liabilities between $500 million and $1 billion. The news comes amid continued upheaval in the media sector as companies from BuzzFeed to Insider grapple with high costs, layoffs, and declining valuations.

via Yahoo Finance|
#acquisition#bankruptcy#business
business2 years ago

Vice Media on the Brink of Bankruptcy: Reports

Vice Media is reportedly preparing to file for bankruptcy in the coming weeks after failing to find a buyer to purchase the company. The digital media outlet was once valued at $5.7 billion in 2017 but is now valued at a "fraction" of that amount. If Vice files for bankruptcy, its top investor, Fortress Investment Group, may end up controlling the company, and other investors, including Disney and Fox, would not get investment returns. Vice Media has evolved to include five different branches, including a news division and ad agency Virtue.

via The Hill|
#bankruptcy#business#digital-media
business2 years ago

Vice Media on the Brink of Bankruptcy

Vice, the digital media company that was once valued at $5.7 billion, is reportedly preparing to file for bankruptcy after struggling to find a buyer. More than five companies have expressed interest in acquiring Vice, but the chances of a sale are growing increasingly slim. In the event of a bankruptcy, Vice's largest debtholder, Fortress Investment Group, could end up controlling the company. Unlike Vice's other investors, which have included Disney and Fox, Fortress holds senior debt, which means it gets paid out first in the event of a sale.

via The New York Times|
#bankruptcy#business#digital-media