Vice Media Group has announced the completion of its post-bankruptcy sale, in a deal valuing the once-high-flying media company at $350 million.
Vice Media filed, after months of struggling to pay its bills. It’s a fire sale for the company, which in 2017 had boasted a valuation of $5.7 billion.
The bankruptcy and sale was set to “wipe out” the value of most of Vice’s other shareholders, including private-equity firm TPG Group and James Murdoch , the Wall Street Journal previously reported. “With the support of our investor group, we now have the resources to strengthen our business, our partnerships and our content creation across all platforms,” Bruce Dixon and Hozefa Lokhandwala, Vice’s co-CEOs, said in a statement. “Under new ownership and with this leadership team, Vice is positioned to drive our uniquely differentiated brand of news, entertainment and lifestyle content that makes Vice a trusted brand for global audiences and a valued partner to brands, agencies and platforms.
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