A group of buyers including Fortress Investment Group is set to take over the beleaguered Vice Media company after making a $225 million bid to lift it out of bankruptcy, according to three people familiar with the matter.
One of the people said that while several bidders offered to acquire Vice Media, only Fortress was considered “qualified,” meaning Vice did not meet the bar it set for buyers. Deals for bankrupt companies must be approved by a bankruptcy judge, who considers whether the plan to emerge is sustainable for the business.
The people spoke on condition of anonymity because the process is confidential. The company’s bankruptcy auction, originally scheduled for Thursday, will be cancelled.
This is a developing story. Check back for more details.
