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Remember that part in the Ben Smith bonus episode a couple of weeks ago where I told him about people asking me if I was worried that someday I wouldn't have enough tech news venues to quote from for this show. Well, worry about motherboard, the tech vertical from vice since vice has filed for bankruptcy and agreed to sell its assets to lenders, including fortress and Soros fund for around $225 million. Assets and liabilities at vice media are apparently 500 million to a $1 billion, quoting Reuters. Vice said the lender consortium that includes fortress investment group Soros fund management and Monroe capital will provide about $225 million in a credit bid for almost all of its assets and also assume significant liabilities at closing. Under a credit bid creditors can swap their secured debt rather than pay cash for the company's assets, vice listed both assets and liabilities in the range of 500 million to $1 billion. Creditors are taking it over at a steep discount and we will find out whether they can become viable with a much slimmer capital structure coming out of bankruptcy, said Thomas Hayes, chairman, at investment firm, great hill capital. Vice was among a group of fast rising digital media ventures that once had rich valuations as they quoted millennial audiences. It rose to prominence alongside its cofounder Shane Smith, who built his media empire from a single Canadian magazine. Vice has received commitments and consent from the lenders to use more than $20 million in cash, which it said would be more than sufficient to fund its business through the sale process. The company had on April 27th said it would cancel popular TV program vice news tonight as part of a broader restructuring of its news division a week before that, BuzzFeed said it would shutter its news division. At its peak 6 years ago, vice was valued at $5.7 billion. This is what I was speaking about when at the height of the BuzzFeed news era, as discussed with Ben Smith, people thought things like BuzzFeed and vice were the future of media, and so the money faucets were wide open for these companies. It's a weirdly

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