| Title | Vice Media Files for Bankruptcy | |
| Date | Thursday May 18, @05:56AM | |
| Author | hubie | |
| Topic | ||
| from the clamping-down-on-liabilities dept. | ||
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
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printed from SoylentNews, Vice Media Files for Bankruptcy on 2023-05-23 22:21:38