WLTR reported earlier this week that Vice Media was on the verge on bankruptcy.
The company was once valued at nearly $6 billion.
However, Vice has experienced a turbulent year and reportedly has struggled to find a buyer.
It appears George Soros has come to Vice's rescue.
Fortress Investment Group and Soros Fund Management will reportedly acquire Vice Media for around $400 million.
The propaganda outlet lives to spread fake news another day.
Vice Media was unable to generate a profit spreading far-left misinformation and hate so they went bankrupt. George Soros and his ilk depend on outlets like Vice in their effort to undermine democracy - so he’s buying company out of bankruptcy. https://t.co/NcT1GC9YEU
— @amuse (@amuse) May 5, 2023
JUST IN: George Soros to buy Vice Media for $400m in partnership with Fortress - WSJ pic.twitter.com/SQo4edBhra
— Radar🚨 (@RadarHits) May 5, 2023
The Wall Street Journal reported:
Vice Media is nearing a deal for senior lenders including Fortress Investment Group and Soros Fund Management to acquire the troubled media company out of bankruptcy at a valuation of around $400 million, according to people familiar with the matter.
Nearly every Vice stockholder—including backers such as private-equity firm TPG Group, Sixth Street Partners and media mogul James Murdoch—would be wiped out under the proposed reorganization, the people familiar with the matter said. Outstanding debts held by TPG and Sixth Street would also be impaired as part of the plan, the people said. The Murdoch family is a major shareholder in Journal parent News Corp .
This isn't the first time Vice Media has received funding from George Soros.
The digital media and broadcasting company received $250 million in debt funding from Soros and other investors in 2019.
Vice Media gets $250 Million “Debt Funding” from Soros
Vice Media going bankrupt
— Mamacita (@MsBehavin67) May 2, 2023
Another Twitter user commented that Vice did fantastic reporting before Soros got his money involved with the company.
"Vice News was legit AF. 10 years ago, they were doing some of the most badass reporting on Earth. It's shameful what it became after George Soros and his ilk began meddling with it. It's truly unrecognizable," Year Zero w/Rory Biller wrote in response to a tweet from former Vice Media reporter Tim Pool.
Vice News was legit AF. 10 years ago, they were doing some of the most badass reporting on Earth. It's shameful what it became after George Soros and his ilk began meddling with it. It's truly unrecognizable. https://t.co/uXmQcxX4u8 pic.twitter.com/qzW2VlRKfH
— Year Zero w/ Rory Biller (@Z3RO_Y34R) May 3, 2023
Zero Hedge reported:
The company's largest debtholder, hedge fund Fortress, will likely end up controlling the company. The hedge fund would probably take control of management. They said Fortress would find another role within the company for Vice co-founder Shane Smith.
Another buyer could emerge and outbid Vice's lenders for control in a court-supervised sale in Chapter 11 that is expected to begin next week.