Soros and Fortress to buy bankrupt VICE Media.

Vice Media Bought Out of Bankruptcy by Fortress Investment Group and Soros Fund Management

Vice Media, once valued at $5.7 billion, has been bought out of bankruptcy by Fortress Investment Group and Soros Fund Management for $400 million. This acquisition deal will eliminate all stockholders, including TPG, Sixth Street Partners, and James Murdoch. The plan also entails wiping out the debts held by TPG and Sixth Street, according to The Wall Street Journal.

Fortress Investment Group, the company’s largest debtholder, is expected to take over management control. The hedge fund is said to have a role for Vice co-founder Shane Smith, who will most likely play a part in the company’s future direction.

Earlier this week, reports indicated that Vice was planning to file for bankruptcy in the coming weeks. This move follows the recent closure of Vice World News, a global reporting initiative, which many saw as a departure from the company’s roots in gonzo journalism.

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