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Once a digital media darling, Vice Media Group on Monday filed for bankruptcy protection after years of financial troubles:
A consortium of Vice's lenders which includes Fortress Investment, Soros Fund Management and Monroe Capital is looking to acquire the company following the filing.
The digital media trailblazer, once valued at $5.7 billion and known for sites including Vice and Motherboard, had been restructuring and cutting jobs across its global news business over recent months.
[...] Launched in Canada in 1994 as a fringe magazine, Vice expanded around the world with youth-focused content and a prominent social media presence. It endured several years of financial troubles, however, as tech giants such as Google and Meta vacuumed up global ad spend.
To facilitate its sale, Vice filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. If the application is approved, other parties will be able to bid for the company. Credit bids enable creditors to swap secured debt for company assets rather than pay cash.
Also at NPR, CNN and CBC News.
Previously: Vice Media Will Reorganize and Lay Off 10% of Staff
(Score: 2) by Mykl on Thursday May 18, @10:50PM (1 child)
Vice used to do some pretty serious in-depth journalism - reporters in overseas locations investigating some pretty hairy stuff. I don't know if they still do that or not?
More recently they seem to be fans of doing panels about $AGENDA. I'm sure that most of those panel members would be asking to be flown from somewhere across the country, put up in a hotel, paid for their appearance etc just so they can spout nonsense. Maybe their legal fees have been climbing when each member tries to sue for misrepresentation when they don't like the final edit?
(Score: 0) by Anonymous Coward on Friday May 19, @04:17PM
Ah yes, piss some people off ---> big legal fees.
Thanks, that makes so much more sense than the normal sorts of online-magazine expenses I was thinking about.