Acquisition by Consortium including Fortress Investment Group, Soros Fund Management and Monroe Capital Paves Way for VICE to Continue Serving Audiences, Brands and Partners with Award-Winning Content
BROOKLYN, N.Y., June 23, 2023 /PRNewswire/ — VICE Media Group today announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved the previously announced asset purchase agreement (“APA”) with a consortium of its lenders (the “Investor Group”). The Investor Group includes Fortress Investment Group, Soros Fund Management and Monroe Capital. Pursuant to the APA, which has been amended, the Investor Group has agreed to provide total purchase consideration of approximately $350 million in the form of a credit bid for substantially all of the Company’s assets, in addition to the assumption of significant liabilities upon closing.
“VICE is one of the world’s most trusted brands in news and entertainment, serving a global youth audience with differentiated premium content, experiences, commerce and creative services through a unique collection of brands, formats and distribution channels,” said Bruce Dixon and Hozefa Lokhandwala, VICE’s Co-Chief Executive Officers. “Following a robust court-supervised process, we are pleased to receive Court approval for this transaction, which we believe represents the best path forward for VICE. The relationships we have built with our audience, creators, distribution partners, brand and agency constituents are foundational to VICE, and we look forward to strengthening those relationships as we continue to deliver the award-winning storytelling and journalism that VICE is known for.”
“VICE produces incredibly compelling and distinctive content that reaches global audiences every single day,” said Brian Stewart, Fortress Managing Director. “As VICE moves into its next chapter, we look forward to working closely with the Company’s leadership team to execute on its strategy. We have confidence in the management team and believe that the Company is now well-positioned to build on its strong legacy to create significant value for all its stakeholders.”
VICE Media Group is a global multi-platform media company with a global reach of over 400 million people. Its Emmy and Peabody award-winning News division is one of the most trusted news sources among Gen Z and its coverage of the war in Ukraine has been watched on TikTok by hundreds of millions of people. Its studio group, including VICE Studios and Pulse Films, produced Bamarush for HBO Max, Lewis Capaldi: How I’m Feeling Now for Netflix, American Gladiators for ESPN, Gangs of London for Sky, and Tell Me Lies for Hulu. Its award-winning publishing division includes VICE.com, Refinery29 and the fashion bible i-D. Its advertising, commercial and music video teams work with brands and artists including Coke, Target, Harry Styles and Stormzy and created award-winning campaigns such as “Backup Ukraine” and “Unfiltered History.” VICE TV is home to shows including Tales from the Territories, produced by Dwayne “the Rock” Johnson and the Dark Side franchise, including Dark Side of the Ring, Dark Side of Comedy and Dark Side of the 90s.
The transaction remains subject to customary closing conditions and is expected to close on or around July 7.
Additional Information
Additional information regarding the court-supervised process is available at https://www.vmgrestructuring.com/. Court filings and other information about the claims process are available at https://cases.stretto.com/vice, or by calling the Company’s claims agent, Stretto, toll-free at 855-620-5725, or 949-620-1618 for calls originating outside of the U.S., sending an email to ViceInquiries@stretto.com.
Advisors
LionTree and PJT Partners are serving as financial advisors, Shearman & Sterling LLP and Togut, Segal & Segal LLP are serving as legal counsel, and AlixPartners is serving as restructuring advisor to the Company.
Houlihan Lokey is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal counsel to the Investor Group.
About VICE Media Group
VICE Media Group is a global multi-platform media company. Launched in 1994, VICE has offices across multiple countries and a focus on five key businesses: An award-winning international network of digital content including VICE.com; VICE Studios, an Oscar-nominated feature film and television production studio; VICE TV, an Emmy-winning international television network; a Peabody and Emmy award-winning News division; and Virtue, a global, full-service creative agency. VICE Media Group’s portfolio includes Refinery29, a leading global media and entertainment company focused on women; Pulse Films, a London-based next-generation production studio with an office in Los Angeles; and i-D, a global digital and quarterly magazine defining fashion and contemporary culture and design.
Media Contact:
Jonathan Bing
jonathan.bing@vice.com
(818) 643-0146
or
Dan Moore / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE VICE Media Group