Vice Media once an online darling worth billions is set to be acquired following bankruptcy proceedings for $350m

Vice Media once a major online darling recently filed for bankruptcy after years of problems and internal struggles. Now court filings reveal that the company is set to be acquired by a group of investors for $350m.

‘VMG’ is set to undergo new ownership. According to court documents in the bankruptcy case of the company, the company is set to be acquired by a group of three investment companies. Those investment companies are: Fortress, Soros Fund Management and Monroe Capital.

Bruce Dixon and Hozefa Lokhandwala, co-chief executives of Vice Media Group, released the following memo to staff on Thursday confirming reports of the sale.

“We are providing you with this update in real-time to let you know the Company’s intention to move forward with this sale,” Dixon and Lokhandwala wrote in the memo. “It still hasn’t been finalized by the court, but once it is, it will mark an important milestone on the road to long-term financial health and stability for VMG.”

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