Fortress Investment Group Acquires Vice Media Out of Bankruptcy for $350 Million

Fortress Investment Group led a group of lenders that offered $225 million stalking horse bid, later increased to $350 million
The acquisition agreement is pending approval from a bankruptcy court
Vice Media filed for Chapter 11 bankruptcy in mid-May and explored a sale for the company
Co-founder Shane Smith is expected to retain a role with the company but not as CEO
The lenders raised their bid from $225 million to $350 million