Vice Media, once valued at nearly $6 billion, has been sold to a consortium of former lenders, including a fund linked to George Soros, for $350 million.
The media company, co-founded by Shane Smith, filed for Chapter 11 bankruptcy protection in May after facing financial difficulties.
Despite multiple offers for the insolvent firm, a bankruptcy court judge in New York ruled in favor of the group of lenders, which also includes Fortress Investment Group and Monroe Capital.
Vice Media’s value plummeted from $5.7 billion in 2017 under Smith’s leadership to a fire-sale price of $350 million.
The company underwent leadership changes, with Nancy Dubuc taking over as CEO in 2018 to address reports of a toxic culture.
However, she left the firm earlier this year.
The deal is seen as the beginning of a new chapter for Vice Media, as it aims to rebuild under its current co-CEOs, Bruce Dixon, and Hozefa Lokhandwala.
