Vice Media files for bankruptcy to facilitate sale to lenders including Soros

Vice Media Group filed Monday for bankruptcy to facilitate its sale to lenders, including a group led by Democratic megadonor George Soros.

Vice's expected filing for Chapter 11 bankruptcy protection states the outlet's management "has determined that it is advisable and in the best interest of the Vice Group Companies to enter into a stalking horse agreement for the sale of substantially all assets and related auction procedures."

A "stalking horse agreement" is when a potential buyer or buyers are lined up before the bankruptcy filing is made.

Fortress Investment Group, Vice's largest debt holder, and Soros Fund Management have made a $225 million bid for Vice.

Vice said it will continue normal operations throughout the bankruptcy process.

Vice's bankruptcy filing is the latest in a string of media outlets facing financial troubles. Within the past month, Buzzfeed and MTV closed their news divisions while NPR underwent a series of layoffs.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.