The company announced that George Soros has purchased Vice Magazine and will provide $225 million in the form of a credit bid for most of Vice Media’s assets.
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Once a digital media darling, Vice Media Group on Monday filed for bankruptcy protection after years of financial troubles.
A consortium of Vice’s lenders which includes Fortress Investment, Soros Fund Management and Monroe Capital is looking to acquire the company following the filing.
The digital media trailblazer, once valued at $5.7 billion and known for sites including Vice and Motherboard, had been restructuring and cutting jobs across its global news business over recent months.
The group set to buy the company will provide $225 million in the form of a credit bid for most of Vice Media’s assets, the company announced on Monday, along with significant liabilities.
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Vice is one of several digital media and technology firms forced to restructure this year amid a sluggish economy and weak advertising market. Buzzfeed last month shuttered its news division and announced substantial layoffs.
Launched in Canada in 1994 as a fringe magazine, Vice expanded around the world with youth-focused content and a prominent social media presence. It endured several years of financial troubles, however, as tech giants such as Google and Meta vacuumed up global ad spend.
According to a tweet by Elon Musk, Twitter’s new CEO is Linda Yaccarino, who was the Chairman of the WEF’s Taskforce on the Future of Work.
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