Vice Media restarts sale process at lower valuation, may fetch less than $1 billion
Publishing timestamp: 2023-01-19 16:44:27
Summary
Vice Media is restarting its sale process after earlier interested bidders balked at the initial price tag. The digital media company, which was valued at $5.7 billion in 2017, is now likely to fetch a price of below $1 billion. Fortress Investment Group, one of Vice's lenders, is driving the sale process and has agreed to wait on loan repayment. Digital media companies have been facing a slowdown in advertising revenue due to competition from tech giants and Buzzfeed's stock has fallen 90% since going public.
Sentiment: NEGATIVE
Keywords: business, buzzfeed, alphabet class a, media, business news,
Source: https://www.cnbc.com/2023/01/19/vice-media-restarts-sale-process-at-lower-valuation.html