Struggling media company Vice Media Group is gearing up to file for Chapter 11 bankruptcy protection — and then sell itself to some of its backers for about $400 million, according to a new report.
The Brooklyn-based company post-bankruptcy arrangement to sell to investors including Fortress Investment Group and Soros Fund Management would value it at $400 million, the Wall Street Journal reported. That would be less than 10% of its once high-flying $5.7 billion valuation back in 2017. The New York Times last week reported that Vice was prepping a bankruptcy filing.
Reps for Vice Media and Soros Fund Management declined to comment. Fortress did