A group of buyers including Fortress Investment Group is set to take over the bankrupt Vice Media company after bidding $225 million to acquire it out of bankruptcy, according to three people familiar with the matter.
While multiple bidders put in offers to acquire Vice Media, only Fortress’s was deemed “qualified,” meaning the others did not meet the bar Vice had set for buyers, one of the people said. Deals for bankrupt companies must be approved by a bankruptcy judge, who deems whether a plan to emerge is sustainable for the business.
The people spoke on condition of anonymity because the process is confidential. A bankruptcy auction for the company originally scheduled for Thursday will be called off.
This is a developing story. Check back for more details.