George Soros Saves Failing Far-Left Media Outlet

Vice Media, which was previously worth $5.7 billion but has since “gone woke” and is now bankrupt, is reportedly being purchased out of bankruptcy by Fortress Investment Group and Soros Fund Management for a price of roughly $400 million, as reported by The Wall Street Journal, citing people familiar with the issue.

A bankruptcy filing appears to be on the horizon, which would be a fitting conclusion to the tumultuous story of Vice, a new-media Phoenix that rose from the ashes with its iconoclastic, counterculture facade, then quickly sought to supplant the media establishment, before convincing it to invest hundreds of millions of dollars. Private equity firm TPG Group invested in Vice in 2017, increasing the company’s valuation to $5.7 billion. If you’re wondering why Vice got woke, it was probably because the corporation decided it needed to tone down its anarchist tendencies in order to keep making money.

We discussed earlier this week how the company’s worth has plummeted in light of the impending bankruptcy case, it is now only a percent of what it was five years ago.

According to WSJ, the proposed restructuring plan to buy the troubled media firm out of bankruptcy would wipe out all investors, including TPG, Sixth Street Partners, and media mogul James Murdoch. Those close to the matter stated TPG and Sixth Street’ “would also be impaired as part of the plan.”

Hedge fund Fortress is the largest creditor to the firm and is thus likely to gain control. Management would likely be taken up by the hedge fund. Vice co-founder Shane Smith was assured that Fortress would find him a new position inside the corporation.

The Chapter 11 sale, which is scheduled to begin next week, will be overseen by the court. This means that another buyer might arise and outbid Vice’s lenders for ownership.

How it started, how it’s going…