Vice Media is nearing a deal for senior lenders, including Fortress Investment Group and Soros Fund Management, to acquire the troubled media company out of bankruptcy at a valuation of around $400 million, the Wall Street Journal reported. Nearly every Vice stockholder — including backers such as private-equity firm TPG Group, Sixth Street Partners and media mogul James Murdoch — would be wiped out under the proposed reorganization, people familiar with the matter said. Outstanding debts held by TPG and Sixth Street would also be impaired as part of the plan. The planned sale of the company to its lenders would value Vice at around $400 million including debt, a steep drop from its peak valuation of $5.7 billion in 2017. The final purchase price could also change as part of negotiations between the company and the lender group. (Subscription required.)
