New York – Media deputy It filed for creditor protection from bankruptcy, becoming the latest digital media company to swing from a meteoric rise.
Vice reported Monday that it had agreed to sell its assets to a group of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — for $225 million in credit. Other interested parties may also submit offers.
The bankruptcy filing comes just weeks after the company announced the cancellation of its flagship show, “Vice News Tonight,” amid a wave of layoffs expected to affect more than 100 employees in the company’s 1,500-strong workforce., published by The Wall Street Journal. The company also indicated that it would end its Vice World News brand, making Vice News its only brand worldwide.
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Monday’s move comes amid a wave of layoffs and media shutdowns, including job cuts at Gannett, NPR, the Washington Post and more in recent months. In April, BuzzFeed Inc. announced. announced the closure of its digital news outlet BuzzFeed News as part of a cost-cutting drive by its parent company.
Digital advertising has declined this year, driving down the profitability of big tech companies from Google to Facebook.
Vice Media’s roots go back to 1994, with the launch of the original Vice punk magazine in Montreal. Vice soon moved to New York and became a global media company.
Over the years, Vice has built a reputation for straight journalism, boldly covering events around the world.
“Social media evangelist. Student. Reader. Troublemaker. Typical introvert.”
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