VICE Media Group Enters Into Purchase Agreement with Lender Consortium
BROOKLYN, N.Y., May 15, 2023 /PRNewswire/ -- VICE Media Group today announced that it has agreed to the terms of an asset purchase agreement ("APA") with a consortium of its lenders (the "Lender Consortium"), pursuant to which the Lender Consortium has agreed to purchase the Company, subject to higher and better bids from other parties and to the terms of the APA. The Lender Consortium includes Fortress Investment Group, Soros Fund Management and Monroe Capital, and has agreed to provide total purchase consideration of approximately $225 million in the form of a credit bid for substantially all of the Company's assets, in addition to the assumption of significant liabilities upon closing.
- VICE has also obtained commitments for debtor-in-possession ("DIP") financing from the Lender Consortium, as well as consent to use more than $20 million of cash that constitutes the cash collateral of the Lender Consortium.
- All of VICE's multi-platform media brands, including VICE, VICE News, VICE TV, VICE Studios, Pulse Films, Virtue, Refinery29 and i-D, will continue to produce and deliver award-winning content across platforms.
- VICE Media Group is a global multi-platform media company.
- Gibson, Dunn & Crutcher LLP is serving as legal counsel to the Lender Consortium, and Houlihan Lokey is serving as financial advisor.