The OpenWeb sale could soon be closed.
The venture capital firm Savage Ventures, which, among other holdings, owns the rights to the digital assets of Vice, is weighing a bid of between $60 million and $70 million for the insolvent advertising technology company once valued at $1.5 billion, according to a person familiar with the matter.
The bid would cover OpenWeb’s outstanding debt, which stands at around $57 million. It would also enable the adtech firm to pay its employees and publisher partners, as well as inject capital to stabilize the business, the person said.
Savage Ventures, which has a track record of acquiring distressed media businesses, would fund the purchase with cash rather than a fundraise, according to the person.