Soros buys out of Vice bankruptcy and makes his own media
Vice Media, a company that once had a valuation of $5.7 billion, went into crisis for following "Woke" policies and is now being acquired out of bankruptcy with a valuation of about $400 million by Fortress Investment Group and Soros Fund Management, according to the Wall Street Journal l. In this way Soros builds his own progressive media to control directly.
Filing for bankruptcy seems imminent and would be a fitting epilogue to the tumultuous story of Vice, a new media phoenix that rose from the ashes with its countercultural, iconoclastic facade, then quickly sought to supplant the media establishment before persuading it to invest hundreds of millions. In 2017, after a funding round by private equity firm TPG Group, Vice was valued at $5.7 billion. Around that time, the company realized that, in order to keep the money flowing, it would need to curb its rebellious ways and quickly veered towards “woke”, losing most of its fans in the process… . in case anyone wonders why Vice went "woke".
As a result, the company's current valuation is only a fraction of what it was five years ago, as we mentioned earlier this week when discussing the impending bankruptcy filing.
Under the deal to buy the struggling media firm, all shareholders, including TPG, Sixth Street Partners and media mogul James Murdoch, would be eliminated from the proposed reorganization plan, according to the WSJ. The People said outstanding debts held by TPG and Sixth Street "would also be written down under the plan."
The company's largest debt holder, hedge fund Fortress, will likely end up controlling the company and likely give a position to the media's founder, Shane Smith.
Another buyer could emerge and pass Vice's lenders for control in a court-supervised Chapter 11 sale expected to begin next week.
It's not the first time Soros has intervened in Vice
May 2019-
Vice Media gets $250 Million “Debt Funding” from Soros
May 2023-
Deputy Media going bankruptpic.twitter.com/GCpWFS6l3O
— Mamacita (@MsBehavin67) May 2, 2023
However, it is not clear how a media that is rejected for the positions taken, unacceptable for the public, so much so that it goes bankrupt, can hold its positions and not fail again. Born revolutionary and courageous, Vice is out of office…
Vice News was legit AF. 10 years ago, they were doing some of the most badass reporting on Earth. It's shameful what it became after George Soros and his ilk began meddling with it. It's truly unrecognizable. https://t.co/uXmQcxX4u8 pic.twitter.com/qzW2VlRKfH
— Year Zero w/ Rory Biller (@Z3RO_Y34R) May 3, 2023
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The article Soros buys himself from bankrupt Vice and makes his own media comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/soros-si-compra-dal-fallimento-vice-e-si-fa-il-proprio-media/ on Sat, 06 May 2023 06:00:06 +0000.