Vice Media is filing for bankruptcy in a struggling industry

[Gandalf_The_Grey]

Content source

https://www.ghacks.net/2023/05/02/vice-media-bankruptcy/

Vice Media, the company behind popular websites such as Vice and Motherboard, is reportedly preparing to file for bankruptcy, according to people familiar with its operations from New York Times. The news comes amid a wave of media layoffs and closures, including the recent announcement that BuzzFeed News will be shutting down.

Vice Media's decision to file for bankruptcy comes after it closed down its Vice News Tonight program. However, the company has received interest from five companies and is considering a sale to avoid bankruptcy. In the event of a bankruptcy, Fortress Investment Group, Vice's debt holder, could end up controlling the company.

Despite the potential bankruptcy, Vice is expected to continue operating normally. A Vice spokesperson did not directly comment on the bankruptcy report but said the company "has been engaged in a comprehensive evaluation of strategic alternatives and planning" and that "its board and stakeholders continue to be focused on finding the best path".

Vice Media is filing for bankruptcy in a struggling industry - gHacks Tech News

Vice Media's bankruptcy filing underscores the harsh reality that no company is immune to financial struggles.

www.ghacks.net

 

[oldschool]

The media industry as a whole is undegoing a convulsion at the moment. Big outfits are gobbling up smaller ones while others just fade away in the sunset.