Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
Vice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit. Other parties will also be able to submit bids.
The company expects the sale to conclude in the next two to three months. During the process, Vice’s media brands will continue to produce content and the company will keep paying its employees and vendors, according to a Monday press release.
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