Fortress Investment Group to Acquire Bankrupt Vice Media for $350 Million
Vice Media, the digital media company once valued at over $5 billion, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $350 million. The acquisition comes after Vice failed to receive any other satisfactory bids as it explored a sale for the company. The sale process allowed others to make a better bid, but Vice said that no such offers materialized. The acquisition agreement is the latest in a tumultuous period for Vice Media, which has faced various business difficulties and executive changes in recent years.