VICE Media is reportedly nearing a final deal with its most prolific lenders Fortress Investment Group and none other than Soros Fund Management to purchase the fallen media firm from bankruptcy at a price of approximately $400 million, a far cry from its lofty $1.5 billion valuation as recently as February.
Individuals allegedly familiar with the inner workings of the negotiations told The Wall Street Journal that almost all of Vice's other stockholders such as "TPG Group, Sixth Street Partners, and media mogul James Murdoch" are to be effectively wiped out under the proposed reorganization of the firm with Fortress Investment Group seeming likely to assume control. It seems likely that Soros Fund Management will increase its already strong influence on the company.
According to the Journal, should Fortress in fact retain control it will likely keep existing management in place while finding a way to integrate VICE co-founder Shane Smith back into a role with the company. Smith is presently the Executive Chairman of VICE Media.
VICE was co-founded by Smith, Suroosh Alvi, and Gavin McInnes. McInnes was forced out of the company in 2008 after 14 years of his leadership. VICE subsequently became widely known as a haven for radical leftist, progressive, “woke” culture and ideology.
McInnes shared a ZeroHedge report of the acquisition to his Telegram channel with the caption,
As reported by DC Enquirer previously, in April the firm announced significant layoffs telling staffers that the downsizing in addition to the cancellation of ‘VICE News Tonight’ and corporate restructuring was being done in “response to the current market conditions and business realities facing VMG and the broader news and media industry.”
'Vice News Tonight', will reportedly air its last broadcast on VICE TV on May 25th and the layoffs will eliminate the roles of “dozens of staffers.”
The VICE Union, a collective bargaining unit of the Writers Guild of America, told the press that the union was "devastated by today’s mass layoffs affecting dozens of unit members and around 100 employees overall."
It is unknown as of this report if the network's flagship program will return under new management.
You can follow Matt Holloway on Facebook, Twitter, TruthSocial, Gettr, Gab & Parler.
Individuals allegedly familiar with the inner workings of the negotiations told The Wall Street Journal that almost all of Vice's other stockholders such as "TPG Group, Sixth Street Partners, and media mogul James Murdoch" are to be effectively wiped out under the proposed reorganization of the firm with Fortress Investment Group seeming likely to assume control. It seems likely that Soros Fund Management will increase its already strong influence on the company.
According to the Journal, should Fortress in fact retain control it will likely keep existing management in place while finding a way to integrate VICE co-founder Shane Smith back into a role with the company. Smith is presently the Executive Chairman of VICE Media.
VICE was co-founded by Smith, Suroosh Alvi, and Gavin McInnes. McInnes was forced out of the company in 2008 after 14 years of his leadership. VICE subsequently became widely known as a haven for radical leftist, progressive, “woke” culture and ideology.
McInnes shared a ZeroHedge report of the acquisition to his Telegram channel with the caption,
"Looks like my baby has been adopted by the devil"
As reported by DC Enquirer previously, in April the firm announced significant layoffs telling staffers that the downsizing in addition to the cancellation of ‘VICE News Tonight’ and corporate restructuring was being done in “response to the current market conditions and business realities facing VMG and the broader news and media industry.”
'Vice News Tonight', will reportedly air its last broadcast on VICE TV on May 25th and the layoffs will eliminate the roles of “dozens of staffers.”
The VICE Union, a collective bargaining unit of the Writers Guild of America, told the press that the union was "devastated by today’s mass layoffs affecting dozens of unit members and around 100 employees overall."
It is unknown as of this report if the network's flagship program will return under new management.
You can follow Matt Holloway on Facebook, Twitter, TruthSocial, Gettr, Gab & Parler.
- Article Source:
DC Enquirer
- Photo: Mario Tama / Getty Images
Biden Admin Pats Itself On Back For Deporting Thousands Of Illegal Migrant Criminals After Rolling Out Welcome Mat
Biden Spends Waning Days Of Presidency Dishing Out $1,000,000,000 To Preserve Amazon Rainforest
Lawmakers Vote Overwhelmingly To Keep Government Open
Sign in to comment
Powered by StructureCMS™ Comments
Comments