After filing for bankruptcy on Monday, Vice Media will reportedly be acquired by Soros Fund Management (SFM) and other investors for roughly $225 million.
According to a Monday news statement, the digital media firm, which was previously valued at $5.7 billion, now depends on funding from bidders to maintain operations until its sale is completed in the next two to three months.
George Soros, a left-leaning billionaire and philanthropist, created SFM and serves as its chairman. SFM is the primary asset manager for the Open Society Foundations, whose founding chair Soros is.
After experiencing financial difficulties for several years and seeing leadership upheaval, the firm declared bankruptcy on Monday morning.
The Vice Studios division of Vice Media Group, the Vice TV television network, Vice News, and the creative agency Virtue are its primary operations.
According to the firm, Fortress Investment Group, Monroe Capital, and SFM will jointly acquire Vice, albeit greater offers may yet be received.
The news is likely to herald a return to the news business for the troubled company, and possibility with a renewed focus on the liberal progressive politics the company had previously become known for.
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