Vice Media Is Reportedly Considering Filing for Bankruptcy
The company had been valued at $5.7B USD just a few years ago
Vice Media, the globe-spanning alternative news and broadcasting company, is reportedly considering filing for bankruptcy, according to The Guardian. Founded in 1994 in Montreal, Vice started as a print magazine and over the years, expanded its operations to include a video news channel, long-form documentary series, creative agency and more.
While Vice was valued at around $5.7 billion USD in 2017, the company is reportedly now seeking to sell at $1.5 billion USD. Vice is allegedly in talks with at least five companies interested in purchasing.
In February, the company took a $30 million USD funding line from its debt holder in order to pay bills to vendors and freelancers. Since then, the company has been steadily laying off staff and last week, canceled its daily news segment, Vice News Tonight.
Vice’s spin toward bankruptcy arrives amid a bleak landscape for digital media. BuzzFeed recently shelved BuzzFeed News and announced the layoffs of around 180 of its employees, approximately 15% of its workforce. Shortly after, another title, Paper Magazine, shared that it would be shuttering and fired its entire editorial staff.
In other entertainment news, Dune: Part Two released its first poster and teaser.
