Vice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit.
The company expects the sale to conclude in the next two to three months. During the process, Vice’s media brands will continue to produce content and the company will keep paying its employees and vendors, according to a Monday press release.
The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs expected to impact more than 100 of the company’s 1,500-person workforce, the Wall Street Journal reported. The company also said it would end its Vice World News brand., including job cuts at Gannett, NPR, the Washington Post and other organizations. In April, BuzzFeed Inc.
Beyond advertising and the shifting digital landscape, Mollica also pointed to the changing habits of news consumers today — and the challenges that media companies across the industry face as they try to reach audiences. Over the years, Vice developed a reputation for in-your-face journalism that covered daring stories around the world that particularly resonated with new, young audiences across digital platforms. The media company’s assets also include film and TV production, an in-house marketing agency, and brands such as Refinery 29 and Unbothered.
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