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.
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.
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. 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.
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice has agreed to sell its assets to a consortium of lenders 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. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide.
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