Vice Media, the digital media company that once boasted a valuation of $5.7 billion, has agreed to be sold to three investment companies for $350 million in a bankruptcy deal.

The deal, which was announced in a legal filing on Thursday, will see Fortress Investment Group, Soros Fund Management and Monroe Capital take over the ownership of Vice Media Group (VMG), which operates Vice News, Vice Studios, Vice TV and other media properties.

The sale comes after Vice failed to attract any other satisfactory bids as it sought to restructure its debt and find a buyer for the company. Vice filed for Chapter 11 bankruptcy protection in October 2022, citing the impact of the Covid-19 pandemic and the changing media landscape on its business.

In a memo to staff on Thursday morning, VMG’s co-chief executives Bruce Dixon and Hozefa Lokhandwala said the sale would mark “an important milestone on the road to long-term financial health and stability” for the company.

“Under new ownership, we look forward to a new chapter in VMG’s history, with a renewed focus and commitment to creating world-class content for our audiences and partners,” Dixon and Lokhandwala wrote.

The deal is subject to court approval and is expected to close in the coming weeks.