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Vice Media’s creditors plan to pay $350 million to buy the once-valuable company out of bankruptcy.

Fortress Investment Group is one of three investment firms that has agreed to pay $350 million to acquire Vice Media out of bankruptcy. Vice Media was formerly a digital media corporation worth billions of dollars.

Vice announced in a legal statement on Thursday that it had received no additional satisfactory bids while it explored a sale of the company, clearing the way for the acquisition by its three creditors, Fortress, Soros Fund Management, and Monroe Capital.

Co-CEOs Bruce Dixon and Hozefa Lokhandwala of Vice Media Group sent a note to employees on Thursday morning explaining the decision.

Dixon and Lokhandwala reassured investors in a memo that they would be proceeding with the deal. The court’s approval is still pending, but it will be a major step toward VMG’s long-term financial security once it happens.

“With new ownership,” continuing, Dixon and Lokhandwala stated, “we’re excited to start a new era at VMG, one in which we can devote ourselves fully to producing exceptional media for our viewers and collaborators.”

On Friday, Vice will petition a bankruptcy court to authorize the transaction.

Vice Media, previously seen as the company’s future, has recently gone through a series of upheavals, the most recent of which being the acquisition agreement. Vice Media, once valued at more than $5 billion, has fallen short of its own and the industry’s lofty expectations in recent years.

Business struggles and leadership turnover have plagued Vice Media instead, with co-founder Shane Smith leaving in 2018 and his successor, chief executive Nancy Dubuc, leaving earlier this year.

The corporation reorganized, laid off workers, and cancelled its flagship program, “Vice News Tonight,” as it looked into selling itself.

In the middle of May, Vice Media initiated Chapter 11 bankruptcy. A “stalking horse bid” is an initial offer for a company’s assets that starts at the low end of the expected range, as was the case when Fortress, Soros, and Monroe made their bid. The value of that offer was close to $225 million. Vice revealed the increase in their offer of $350 million in court filings filed on Thursday. Vice said that no competing bids were submitted during the auction process.

However, GoDigital Media Group said that a superior offer was indeed submitted.

On Thursday, the firm said that it had made a bid that was much higher than the stalking horse offer by the three creditors. A source with knowledge of the situation revealed that GoDigital planned to submit a proposal of $300 million to $350 million.

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