Vice Media is putting bankruptcy, and years of seeking a buyer and fresh cash, behind it, as the edgy digital news and lifestyle brand announces today it’s completed the sale to a consortium of former lenders led by Fortress Investment Group, Soros Fund Management and Monroe Capital.The deal was announced in June. The iconic Brooklyn-based company had filed for Chapter 11 in May and opened a bidding process. A number of offers emerged but a bankruptcy court judge in the Southern District of New York agreed that the best one came from the group of lenders.“We are very pleased to complete the acquisition of Vice and we are excited to build upon the achievements of one of the most iconic brands in news and entertainment,” they said in a joint statement. “We look forward to growing a strong business that is committed to serving audiences, brands and partners with award-winning content. With a strong management team in place, Vice is well-positioned to grow its uniquely compelling world class businesses and drive value during its next chapter.”“This marks the start of an exciting new chapter for Vice” said the company’s co-CEos Bruce Dixon and Hozefa Lokhandwala.“With the support of our investor group, we now have the resources to strengthen our business, our partnerships and our content creation across all platforms. Under new ownership and with this leadership team, Vice is positioned to drive our uniquely differentiated brand of news, entertainment and lifestyle content that makes Vice a trusted brand for global audiences and a valued partner to brands, agencies and platforms,” the said.Shane Smith, one of three original founders, ran the business as CEO from its founding until 2018, when he was replaced by former A+E Networks boss Nancy Dubuc, who exited early this year. Jesse Angelo, who was Global President of News & Entertainment, left shortly after. In April, Vice announced that it was streamlining its news division, including layoffs and the cancelation of its signature newscast, Vice News Tonight.
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