Influence Media Corp, with the backing of Vanguard United Investment Consulting, has offered to acquire Vice Media.
Mumbai-based Influence Media currently owns several news pages and profiles across Instagram, Facebook, and YouTube.
The company is backed by Vanguard United Investment Consulting, a subsidiary of Tbilisi-based Vanguard Hedge Fund.
Vanguard Hedge Fund owner, George Kobiashvili, has sent Vice Media an official offer and post that expressed his intention to acquire Vice Media via a letter of intent, including an offer to settle the company's outstanding debts and to stave off bankruptcy.
This move will facilitate Vice Media to renegotiate its debt to improve its balance sheet, thus bringing in liquidity, as per Kobiashvili.
Influence Media aims to become the largest modern media company through strategic organisation and structure. They have a three-year expansion plan informed by extensive research on European and American media firms, including Vice Media. Kobiashvili believes that their aligned goals and values can drive mutual success for both enterprises.
Kobiashvili said, “The current entertainment and journalism industries' primary strengths are companies like Vice Media. Joining forces with Vice Media Company is a smart long-term decision for Influence Media Corp. For Influence Media's growth in the US and Europe, the work Vice Media creates and the people they hire can be very beneficial. For this reason, we have decided to send Vice Media the letter of intent for the purchase proposal. I foresee that with the aid of this acquisition, Vice Media may in a year become a $10 billion company.”
“Many firms face this issue, in which they become mired down in corporate red tape and end up making poor decisions without thoroughly assessing their options. There's no reason not to talk about a billionaire's offer before making any decisions that affect thousands of employees, investors, owners, and potentially millions of subscribers or viewers! He may offer to pay off some of your debt immediately and provide you with additional funds to boost the growth and cash flow of your firm,” concluded George.
Prior to this, reports had surfaced that Vice, the global news publisher and TV company, that was once valued at nearly $6 billion, is reportedly close to filing for bankruptcy.
The company, whose assets include Vice News, Motherboard, Refinery29 and Vice TV, has been involved in sale talks with at least five companies in an attempt to avoid filing for bankruptcy, as per an article by the New York Times.