Vice Media files for bankruptcy – NYT – RT World News
The company has struggled for years since securing major investments from media giants like Disney and Fox
Vice Media is preparing to file for bankruptcy, The New York Times reported Monday, noting that if it can’t find a buyer, the company could soon be taken over by an investment firm.
While at least five companies have said they may be interested in buying Vice, it’s unlikely to happen “getting thinner” a source briefed on the potential bankruptcy told the Times. Three people familiar with Vice’s activities said the company could one day file a filing “coming weeks” They did not provide details of discussions with potential buyers.
The bankruptcy filing could mean a buyout by Fortress Investment Group, Vice’s biggest investor, which owns the company’s huge debt and would be the first to be paid if it were sold.
Vice has not confirmed whether it is evaluating the move, but released a statement on Monday “deals with comprehensive evaluation and planning of strategic alternatives” and this is his “The board and stakeholders continue to seek the best way forward for the business.”
Launched in 1994 in Montreal, Canada, as an irreverent and often offensive do-it-yourself magazine, Vice lost much of its former punk rock aesthetic as it became a mainstream media concern seeking massive investment from Disney. and 21st Century Fox.
Although the company was valued at $5.7 billion in 2017 after a $450 million injection from private equity firm TBG, it’s only just standing. “small particle” about it today, the Times reports. Vice has been, and has been, facing a tough digital media market since its heyday “constant failure” Hemorrhaging money, forcing him to lay off his staff and turn a profit for several years.
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Disney considered buying Vice Media for $3 billion in 2015, but ultimately backed out of the deal. It is unclear whether Disney is among the five potential buyers with ties to the company.
Underscoring its struggles, the agency announced last week that it would close its Vice World News affiliate, known for its dangerously gonzo-style reporting on conflicts and crisis zones around the world. A recent management shakeup could also spell trouble for Vice, as its chief executive Nancy Dubick and its global president of news and entertainment, Jesse Angelo, left the company earlier this year.
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