Vice Media files for Chapter 11 as it looks to sell

The digital news media business – which along with publications Vice, Viceland and Motherboard owns ad agency Virtue and Pulse Films – has said however the move will not interrupt its daily operations.  

According to The New York Times, a group of Vice’s lenders – including Fortress Investment Group and Soros Fund Management – is in the leading position to acquire the company out of bankruptcy, with the group submitting a bid of $225m (£180.2m), covered by its existing loans to the company. It would also take over “significant liabilities” from Vice after any deal closes.

The lenders have secured a $20m (£16m) loan to continue operating Vice and then, if a better bid does not emerge, the group that includes Fortress and Soros will acquire the business.