Empty Vice Media Offices (Company pic)
It may be George Soros riding in on the white horse coming to the rescue at the last minute of the failing Vice Media, the self-styled anti-establishment muckraking news service. According to a report in the New York Post, Soros Fund Management and Fortress Investment Group could be buying up Vive Media, a company once worth as much as $6 billion, for just $400 million.
Vice Media has reportedly been looking for a buyer for some time now in an attempt to avoid going into bankruptcy.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a recent statement. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
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The company already announced the closing of its Vice World News, an attempt to provide global coverage of world events.
Vice Media Group LLC is an American-Canadian digital media and broadcasting company that began as a punk magazine called Voice of Montreal in October 1994 in Montreal. The company grew to even have its own TV company, Vice TV, a basic cable television channel that offered investigative news reports and documentaries. At its height, Vice had offices in 35 cities around the world that worked on five different businesses and the company even looked to holding an IPO. Media titans Disney and Fox even invested at one point.
Soros Fund Management LLC (SFM) is the principal asset manager for the Open Society Foundations (Open Society) – the world’s largest private funders of independent groups working for justice, democratic governance, and human rights. SFM was originally founded by George Soros in 1970, and its financial success enabled Mr. Soros to create Open Society to pursue his philanthropic vision. Today, SFM’s mission is to protect and grow Open Society’s resources. SFM invests globally in a wide range of strategies and asset classes, including public equities, fixed income, commodities, foreign exchange, alternative assets and private equity.
