An investment group consisting of three Vice Media Group creditors bought the company out of bankruptcy for $350 million, $125 million higher than their original “stalking horse” bid, Subscription Insider reported. Investors include Fortress Investment Group, Soros Fund Management and Monroe Capital. The U.S. Bankruptcy Court for the Southern District of New York approved the purchase by the investment group. The deal is expect to close on or near July 7. Vice Media Group, which was once valued at $5.7 billion, received other offers, including one from GoDigital Media Group, which submitted a bid for $300 million. However, Fortress Investment Group was concerned that the company wouldn’t be able to get funding so the investment group was named the winning bidder. Vice Media employees were notified in a memo last week. VICE Media Group owns a range of brands including creative agency Virtue, Pulse Films, VICE Studios, VICE Distribution, iD, Refinery29, Unbothered, Somos and 29Rooms. Most of the company’s international entities are not included in the bankruptcy filing.
