Vice Media has agreed to sell its assets to a consortium of lenders in exchange for a $225 million loan. The company expects the sale to close in the next two to three months.
Vice's assets and liabilities amount to between $500 million and $1 billion, according to Monday's filing. The announcement comes amid a wave of layoffs and closures of media outlets across the sector, including staff cuts at Gannett, NPR, The Washington Post and others in recent months. In April, BuzzFeed Inc. announced the closure of its Pulitzer Prize-winning digital outlet, BuzzFeed News.