Fortress Investment Group is going to take over Vice out of bankruptcy

A group of buyers, including Fortress Investment Group, is on the verge of acquiring the bankrupt Vice Media company following a $225 million bid to acquire it out of bankruptcy, according to three people familiar with the matter.

While multiple bidders put out bids to acquire Vice Media, only Fortress’s was deemed “qualified,” meaning the others fell short of the bar Vice set for buyers, one of the people said. Deals for bankrupt companies must be approved by a bankruptcy judge, who rules whether a plan to appear is sustainable for the company.

The people spoke on condition of anonymity because the process is confidential. A bankruptcy auction for the company originally scheduled for Thursday has been called off.

This is an evolving story. Check back later for more details.