(Photo by Hutton Supancic/Getty Images for SXSW)Vice Media has declared Fortress Investment Group's stalking horse bid of $225 million the winning offer for the company as it emerges from bankruptcy.
Vice received multiple bids for the company, but none of them "rose to the level of being deemed a superior bid," according to an internal memo obtained by CNBC.
Vice will present the sale to bankruptcy court on Friday and expects the acquisition to close then, the company said in the memo.
The sale closes a chapter for the digital media company that was valued at $5.7 billion in 2017.
Vice owns a series of assets including Vice News, Vice Studios, Refinery29 and an ad agency called Virtue.
Persons:
Hutton Supancic, Fortress, GoDigital, Craig Greiwe, Spokespeople
Organizations:
Media, Investment, CNBC, Soros Fund Management, Monroe Capital, News, Vice Studios, Cannes Lions
Locations:
Viceland, Austin , Texas