Court Approves VICE Media Group Purchase Agreement by Lenders

VICE Media Group today announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved the previously announced asset purchase agreement (“APA”) with a consortium of its lenders (the “Investor Group”).

VICE Media Group today announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved the previously announced asset purchase agreement (“APA”) with a consortium of its lenders (the “Investor Group”). The Investor Group includes Fortress Investment Group, Soros Fund Management and Monroe Capital. Pursuant to the APA, which has been amended, the Investor Group has agreed to provide total purchase consideration of approximately $350 million in the form of a credit bid for substantially all of the Company’s assets, in addition to the assumption of significant liabilities upon closing.

“VICE is one of the world’s most trusted brands in news and entertainment, serving a global youth audience with differentiated premium content, experiences, commerce and creative services through a unique collection of brands, formats and distribution channels,” said Bruce Dixon and Hozefa Lokhandwala, VICE’s Co-Chief Executive Officers. “Following a robust court-supervised process, we are pleased to receive Court approval for this transaction, which we believe represents the best path forward for VICE. The relationships we have built with our audience, creators, distribution partners, brand and agency constituents are foundational to VICE, and we look forward to strengthening those relationships as we continue to deliver the award-winning storytelling and journalism that VICE is known for.”

“VICE produces incredibly compelling and distinctive content that reaches global audiences every single day,” said Brian Stewart, Fortress Managing Director. “As VICE moves into its next chapter, we look forward to working closely with the Company’s leadership team to execute on its strategy. We have confidence in the management team and believe that the Company is now well-positioned to build on its strong legacy to create significant value for all its stakeholders.”

VICE Media Group is a global multi-platform media company with a global reach of over 400 million people. Its Emmy and Peabody award-winning News division is one of the most trusted news sources among Gen Z and its coverage of the war in Ukraine has been watched on TikTok by hundreds of millions of people. Its studio group, including VICE Studios and Pulse Films, produced Bamarush for HBO Max, Lewis Capaldi: How I’m Feeling Now for Netflix, American Gladiators for ESPN, Gangs of London for Sky, and Tell Me Lies for Hulu. Its award-winning publishing division includes VICE.com, Refinery29 and the fashion bible i-D. Its advertising, commercial and music video teams work with brands and artists including Coke, Target, Harry Styles and Stormzy and created award-winning campaigns such as “Backup Ukraine” and “Unfiltered History.” VICE TV is home to shows including Tales from the Territories, produced by Dwayne “the Rock” Johnson and the Dark Side franchise, including Dark Side of the Ring, Dark Side of Comedy and Dark Side of the 90s. 

The transaction remains subject to customary closing conditions and is expected to close on or around July 7.

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Read More

Second 270-Degree Panoramic ScreenX Auditorium OPENS in Malaysia

CJ 4DPLEX, the world's leading producer of premium film formats and cinema technologies, and Golden Screen Cinemas (GSC), the leading cinema exhibitor in Malaysia, today announced the opening of a new, visually stunning 270-degree panoramic ScreenX auditorium at Aurum Theatre, situated in Malaysia's Tun Razak Exchange (TRX).
Read More

LIONSGATE REPORTS RESULTS FOR FIRST QUARTER FISCAL 2024

Lionsgate (NYSE: LGF.A, LGF.B) today reported first quarter (quarter ended June 30, 2023) revenue of $908.6 million, operating loss of $16.8 million and net loss attributable to Lionsgate shareholders of $70.7 million or $0.31 diluted net loss per share on 230.2 million diluted weighted average common shares outstanding. Adjusted net loss attributable to Lionsgate shareholders in the quarter was $9.8 million or $0.04 adjusted diluted net earnings per share on 230.2 million diluted weighted average common shares outstanding, with Adjusted OIBDA of $85.7 million.
Read More

IMAX AND MEGARAMA TO EXPAND PARTNERSHIP WITH THREE NEW LOCATIONS IN FRANCE AND MOROCCO

French exhibition company Megarama and IMAX Corporation (NYSE: IMAX) today announced an agreement for three new IMAX® systems in France and Morocco. The new deal will more than triple IMAX's footprint with Megarama and bring the number of IMAX® systems in France to 29, including 23 currently open and another 6 set for installation. Two of the new IMAX with Laser locations will be in France – in Givors and Boulogne-Sur-Mer – and one in Rabat, the capital city of Morocco.