(LibertySociety.com) – Vice Media, which includes a horde of entertainment avenues, announced it is in the process of being purchased by a group of companies, including Soros Fund Management, as part of its Chapter 11 bankruptcy filings. The sale is expected to close within the next three months, according to the CEOs of the company, who released a statement expressing their hopeful outlook for the brand. In the statement, the CEOs self-labeled Vice as a “trusted brand for young people,” touting that the sale will produce growth for the brand.
The company has faced a swath of scandals, with a significant blow to its reputation several years ago after The Daily Beast investigated and found a multitude of allegations of poor treatment and sexual harassment. A number of women argued that their employment with the company was contingent upon their compliance with being objectified every day while trying to work. Shortly after the report, the company conducted an internal investigation to address the complaints.
Many large corporations have invested money into the company, including Disney, but TPG, which is a private equity investment firm, is suffering one of the biggest losses out of all investors who backed the brand. Layoffs at the company signaled that trouble was forthcoming, in addition to the cancelation of “Vice News Tonight,” which ran on Vice TV for seven years.
It is unclear what the brand will look like after it is under new ownership, but according to the current CEOs in a statement, operations will be easier “without the legacy liabilities that have been burdening our business,” adding that the absence of multiple investors will make operations simpler.
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