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Vice Media Declares Bankruptcy As Soros And Fortress Set To Become New Owners

• by Tyler Durden

The Brooklyn-based media company that once boasted a $5.7 billion valuation listed assets and liabilities between $500 million to $1 billion. 

In a separate statement, Vice Media announced the "Lender Consortium," which includes Fortress Investment Group, Soros Fund Management, and Monroe Capital, will purchase the media outlet for approximately $225 million in the form of a credit bid for substantially all of the Company's assets. 

We previously noted Fortress Investment Group and Soros Fund Management were interested in purchasing Vice Media out of bankruptcy. This morning's announcement wasn't unexpected, as the bankruptcy filing and eventual sale have been widely anticipated for the past few weeks.

The rapid decline of Vice Media, once valued at $5.7 billion in 2017, serves as a cautionary tale for all news media outlets about going 'woke' because it'll ultimately lead to going broke. Here's a decade of Vice funding and valuations via Axios: