CNN —Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $225 million.
Bruce Dixon and Hozefa Lokhandwala, co-chief executives of Vice Media Group, informed staff of the decision in a memo Thursday morning.
The acquisition agreement is the latest in a tumultuous period for Vice Media, which was once held up as the future of the business.
Vice Media filed for Chapter 11 bankruptcy in mid-May.
A person familiar with the matter told CNN that GoDigital was preparing to submit a bid between $300 million and $350 million.
Persons:
—, Bruce Dixon, Hozefa Lokhandwala, ” Dixon, Lokhandwala, ”, Shane Smith, Nancy Dubuc, Monroe, GoDigital
Organizations:
CNN —, Media, Fortress Investment, Soros Fund Management, Monroe, Vice Media, “, Soros, GoDigital Media Group, CNN
Locations:
Fortress