Vice Media Group plans to sell itself to investors for $400 million roughly, a humiliating amount considering that in 2017 the Group's valuation reached $5,7 billion. Investors include Fortress Investment Group and Soros Fund Management, according to the Wall Street Journal.
Vice Media has been looking for a buyer since last year, to no avail. In February, Nancy Dubuc announced her departure as CEO after nearly five years. The company then appointed longtime executives Bruce Dixon and Hozefa Lokhandwala as co-CEOs.
The bankruptcy and sale will "wipe out" most of Vice's other shareholders, including TPG Group and James Murdoch (who invested in the company through his investment firm Lupa Systems), according to the Journal publication.
Last week, the New York Times reported that Vice Media was preparing for bankruptcy since he could not find a buyer. He announced a series of layoffs and announced the closing of "Vice News Tonight."