The Bengaluru-based IT major won arbitration for $9.9 million against the media company last month. Wipro filed arbitration proceedings against Vice Media in May 2020, which was related to the termination of an outsourcing agreement.
According to observations made by Vice’s Chief Restructuring Officer Frank Pometti, Wipro’s award led VICE accounts to be frozen leading up to additional financial defaults by the company and its eventual Chapter 11 filing.
Wipro did not respond to queries about the arbitration at press time.
“VICE Media Group today announced that it has agreed to the terms of an asset purchase agreement (APA) with a consortium of its lenders (Lender Consortium), pursuant to which the Lender Consortium has agreed to purchase the Company, subject to higher and better bids from other parties and to the terms of the APA,” the company said in a statement.
All of VICE’s multi-platform media brands will continue to produce and deliver content across platforms, the company said in a statement. According to filings, it also owes money to other companies that provide enterprise software services to the company, including Workday, Adobe, Ranker, Getty Images, Amazon Web Services, Piano Software, Salesforce, Wolftech, Asana, and Oracle.
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