Vice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit.
The company expects the sale to conclude in the next two to three months. During the process, Vice’s media brands will continue to produce content, and the company will keep paying its employees and vendors, according to a Monday press release.
Digital advertising has plummeted this year, cutting into the profitability of major tech companies from Google to Facebook. Over the years, Vice developed a reputation for in-your-face journalism that covered daring stories around the world. The media company’s assets also includes film and TV production, an in-house marketing agency, and brands such as Refinery 29 and Unbothered.
In 2017, Vice was valued at $5.7 billion. Now, however, most experts estimate the company is worth just a fraction of that, The New York Times reported earlier this month.
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