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.