Soros Fund Management and Fortress Investment Group will purchase the bankrupt media company Vice following approval from the U.S. Bankruptcy Court for the Southern District of New York The joint effort follows the decline of Vice Media and an increasing balance sheet owned or influenced by the family of George Soros.
The approval allows the two companies to proceed with a $225 million purchase of Vice. Fortress represents the company’s largest debt holder.
The purchase is expected to execute next month.
Court approves Vice Media purchase agreement by Soros, Fortress and Monroe investor group
— zerohedge (@zerohedge) June 23, 2023
The media company said that it was looking “forward to strengthening those relationships as we continue to deliver the award-winning storytelling and journalism that VICE is known for.”
Vice Media emerged last decade as a significant player in non-traditional media and was valued at $5.7 billion in 2017. The company’s approach initially differed from other legacy media sources. Vice Media was co-founded by conservative activist Gavin McInnes.
However, many conservative critics believe that the company’s coverage moved significantly to the left.
Soros recently announced that he would hand over his large business and non-profit empire to his son Alex. The younger Soros has been self-described as “more political.”
The move by the 92-year-old magnate to his 37-year-old son includes $25 billion in assets.
According to the younger Soros, the family’s political donations to left-wing causes would continue.
“As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it,” he said.
In particular, the elder Soros’ Democracy PAC received considerable criticism from conservatives for backing a number of left-wing prosecutors, including Manhattan District Attorney Alvin Bragg (D).
Many Republicans cite Bragg’s lower rates of prosecution for violent crime compared to his indictment of former President Donald Trump over allegations stemming from a reported brief relationship with former adult actress Stormy Daniels.
Alex Soros recently said in a recent Wall Street Journal interview that his focus is to stop Trump from winning the 2024 election.
“Our side has to be better about being more patriotic and inclusive,” Alex Soros said. “Just because someone votes Trump doesn’t mean they’re lost or racist.”