Other executives include Suroosh Alvi, Co-Founder Doug Jossem, Chief Revenue Officer, North America and 21 others. BuzzFeed, another former leader in the digital media space, announced in April the closure of its new wing, and the layoff of 180 employees. Craft can deliver 250+ data points of financial, operating, and human capital indicators on companies via API. But many digital media startups were unable to convert enthusiasm for their brand into the kinds of revenues that investors had projected.Ī slowdown in the online advertising market and the recent tightening of credit conditions have made the situation increasingly challenging for relatively young media companies like Vice. At the time, Vice embodied a new generation of digital media companies, which some saw as revolutionizing the sector at the expense of the established print and broadcast players. The $350 million figure represents just five percent of Vice's reported 2017 valuation of around $5.7 billion, marking a sharp turnaround in fortunes. "Under new ownership, we look forward to a new chapter in VMG (Vice Media Group) history, with a renewed focus and commitment to creating world-class content for audiences and partners," the two executives wrote in their email to staff. Vice Media Group's co-CEOs, Bruce Dixon and Hozefa Lokhandwala, told staff they will recommend the bid by Fortress, Soros Fund Management, and Monroe Capital to a specialized federal court in New York on Friday, June 23, according to an internal staff memo seen by AFP. It will also allow the three investment firms to convert their debt into equity – even if that means giving up some of their funds in the process. Vice's sale, which must next be approved by a federal judge, will help bring the firm out of Chapter 11 bankruptcy. Led by Fortress Investment Group, the creditors had initially offered $225 million for the youth-focused media outlet, but a court filing on Thursday, June 22, showed it had been upped to $350 million. MARIO TAMA / GETTY IMAGES VIA AFPĪ group of creditors is set to take over Vice Media Group with a $350 million offer. Vice Media offices display the Vice logo at dusk on Februin Venice, California. Le Monde with AFP Published on June 23, 2023, at 12:02 am (Paris), updated on June 23, 2023, at 7:27 am Once valued at billions of dollars, the US digital media group is set to be acquired by three investment companies – including Fortress Investment Group – a little over a month after it filed for bankruptcy. ![]() There’s no reason not to talk about a billionaire’s offer before making any decisions that affect thousands of employees, investors, owners, and potentially millions of subscribers or viewers! He may offer to pay off some of your debt immediately and provide you with additional funds to boost the growth and cash flow of your firm”, concludes George.Vice Media set to be acquired out of bankruptcy for $350 million offer “Many firms face this issue, in which they become mired down in corporate red tape and end up making poor decisions without thoroughly assessing their options. Vice Media may pay off a piece of its debt today and spend more money to encourage growth, enhance cash flow, and turn a profit with the aid of their primary investor and the resources of Influence Media. I foresee that with the aid of this acquisition, Vice Media may in a year become a $10 billion company,” For this reason, we have decided to send Vice Media the letter of intent for the purchase proposal. For Influence Media’s growth in the US and Europe, the work Vice Media creates and the people they hire can be very beneficial. Joining forces with Vice Media Company is a smart long-term decision for Influence Media Corp. Speaking about the fund raising, George Kobiashvili, Founder, Vanguard Hedge Fund, said, “The current entertainment and journalism industries’ primary strengths are companies like Vice Media. The acquisition aligns with both enterprises’ goals and values, and the companies hope to drive mutual success through this collaboration. has an ambitious three-year expansion plan informed by extensive research on European and American media firms, including Vice Media. aims to facilitate Vice Media to renegotiate its debt, improve its balance sheet, and bring in liquidity. The acquisition offer from Influence Media Corp. George believes that Vice Media and other similar organisations should be at the forefront of the movement to modernise conventional media outlets. George Kobiashvili, the owner of Vanguard Hedge Fund, expressed his intention to acquire Vice Media in an official offer sent to the company, including an offer to settle the company’s outstanding debts. Vanguard United Investment Consulting is a subsidiary of the Tbilisi-based Vanguard Hedge Fund, which also operates in Mumbai. ![]() Mumbai-based Influence Media is Asia’s largest social media entity and owns numerous news pages and profiles across various social media platforms. Vice Media has faced financial difficulties in recent times, and this acquisition offer aims to revitalise the company.
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