Please ensure Javascript is enabled for purposes of website accessibility
Once Soaring Vice Media Files for Bankruptcy, Latest Setback for Digital News Biz
gvw_ap_news
By Associated Press
Published 11 months ago on
May 15, 2023

Share

Getting your Trinity Audio player ready...

Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.

Vice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit. Other parties will also be able to submit bids.

The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs — which was expected to impact more than 100 employees in the company’s 1,500-person workforce, the Wall Street Journal reported. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide.

Monday’s filing comes amid a wave of media layoffs and closures — including job cuts at Gannett, NPR, the Washington Post and more over recent months. In April, BuzzFeed Inc. announced that its Pulitzer Prize winning digital media outlet BuzzFeed News was being shut down as part of a cost-cutting drive by its corporate parent.

Digital advertising has plummeted this year, cutting into the profitability of major tech companies from Google to Facebook.

Vice Media’s roots date back to 1994, with the launch of Vice’s original punk magazine in Montreal. Vice soon moved to New York and built itself into a global media company.

Over the years, Vice developed a reputation for in-your-face journalism that covered daring stories around the world. The media company’s assets also includes film and TV production, an in-house marketing agency, and brands such as Refinery 29 and Unbothered.

The media company has struggled to turn around profits in recent years. Amid its financial crunch, Vice secured $30 million in debt financing from Fortress Investment Group in February, the Wall Street Journal reported.

In 2017, Vice was valued at $5.7 billion. Now, however, most experts estimate the company is worth just a fraction of that, The New York Times reported earlier this month.

Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala said the sale process will strengthen the company and position it for long-term growth, “thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms.”

RELATED TOPICS:

DON'T MISS

Surprising Ways and Places You Can Use SNAP EBT Food Benefits

DON'T MISS

Californians Worry About Crime, Setting up a Ballot Measure Showdown

DON'T MISS

The Pickle Flavor Frenzy and Its Rise in Food Trends

DON'T MISS

Kate Hudson Had a Lifetime to Make a Record. The Result is ‘Glorious,’ Out in May

DON'T MISS

Long-Lost First Model of USS Enterprise from ‘Star Trek’ Boldly Goes Home

DON'T MISS

California Leaders Take Sides in Monumental Supreme Court Case on Homelessness

DON'T MISS

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

DON'T MISS

McDonald’s Ice Cream Machines Are So Unreliable They’re a Meme. They Might Also Be a Climate Solution.

DON'T MISS

Real Estate Experts Talk Fresno’s Economic Future. Are Tough Times Ahead?

DON'T MISS

Unlocking the Secrets to Fresno State’s Superb Baseball Season

UP NEXT

Who Owns Businesses in California? A Lawmaker Wants the Public to Know

UP NEXT

Did City Council Finally Give New NW Fresno Costco a Green Light?

UP NEXT

Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel

UP NEXT

Southern California City Council Gives Key Approval for Disneyland Expansion Plan

UP NEXT

Tesla Wants Shareholders to Reinstate CEO Elon Musk’s $56 Billion Pay Package

UP NEXT

Boeing in the Spotlight as Congress Calls a Whistleblower to Testify About Defects in Planes

UP NEXT

Acquisition of Historic Fresno Real Estate Brand Creates Area’s Largest Brokerage

UP NEXT

Costco Tries Again at City Council for Big NW Fresno Move

UP NEXT

Ship That Caused Bridge Collapse Had Apparent Electrical Issues While Still Docked, Source Says

UP NEXT

Tesla Is Planning to Lay Off 10% of Its Workers After Dismal 1Q Sales

Kate Hudson Had a Lifetime to Make a Record. The Result is ‘Glorious,’ Out in May

2 days ago

Long-Lost First Model of USS Enterprise from ‘Star Trek’ Boldly Goes Home

2 days ago

California Leaders Take Sides in Monumental Supreme Court Case on Homelessness

2 days ago

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

2 days ago

McDonald’s Ice Cream Machines Are So Unreliable They’re a Meme. They Might Also Be a Climate Solution.

2 days ago

Real Estate Experts Talk Fresno’s Economic Future. Are Tough Times Ahead?

2 days ago

Unlocking the Secrets to Fresno State’s Superb Baseball Season

2 days ago

‘This Is How to Improve Reading Proficiency. We Just Have To Execute It’: FUSD Board President

2 days ago

Does Dyer Support (or Endorse) Bredefeld for Supervisor?

2 days ago

Get a 3D First Look at Merced’s High-Speed Rail Station Design

2 days ago

Surprising Ways and Places You Can Use SNAP EBT Food Benefits

Did you know that SNAP EBT benefits used to be called food stamps and that recipients can use those benefits to get healthy food in places o...

19 hours ago

19 hours ago

Surprising Ways and Places You Can Use SNAP EBT Food Benefits

19 hours ago

Californians Worry About Crime, Setting up a Ballot Measure Showdown

2 days ago

The Pickle Flavor Frenzy and Its Rise in Food Trends

2 days ago

Kate Hudson Had a Lifetime to Make a Record. The Result is ‘Glorious,’ Out in May

2 days ago

Long-Lost First Model of USS Enterprise from ‘Star Trek’ Boldly Goes Home

2 days ago

California Leaders Take Sides in Monumental Supreme Court Case on Homelessness

2 days ago

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

2 days ago

McDonald’s Ice Cream Machines Are So Unreliable They’re a Meme. They Might Also Be a Climate Solution.

MENU

CONNECT WITH US

Search

Send this to a friend