George Soros' investment management firm and Fortress Investment Group are nearing a deal to purchase struggling Vice Media Group in a deal worth about $400 million, reports The Wall Street Journal.
Vice, once valued at $5.7 billion, is considering the sale to avoid declaring bankruptcy.
Other stockholders holding debt with the company, such as TPG Group, Sixth Street Partners, and James Murdoch, son of Fox News CEO Ruper Murdoch, will likely see their interests wiped out in the court-supervised transaction, the report said.
The company tried unsuccessfully to arrange a sale for more than a year, and recently took out a "lifeline" $30 million loan from Fortress after not being able to pay its vendors, according to Variety.
"Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. The company, its board and stakeholders continue to be focused on finding the best path for the company," the company spokesperson told Reuters in an emailed statement.
Its potential bankruptcy comes as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.
The moves also come after Vice cancelled its flagship "Vice News Tonight" program on Vice TV and issued layoffs throughout the organization.
Its five main ventures include Vice.com, the Vice Studios film and TV production unit; the Vice TV television network; Vice News; and creative agency Virtue, the report said.
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