Vice Media Group, the tough, youthful digital media brand, is preparing to file for bankruptcy.
The company, which was valued at $5.7 billion in 2017, is considering relocating after reportedly struggling to find a buyer.
It comes after a turbulent start to the year for the company, which saw Nancy Dubuc leave after five years to be replaced by Bruce Dixon and Hozefa Lokhandwala, and the departure of Jesse Angelo, Global President of News & Entertainment, to his own to start a production company. .
Last week, the company made the latest in a series of layoffs, streamlining its news department and moving its signature show in-house Bad news tonight.
“Vice Media Group conducted a comprehensive review of strategic alternatives and plans,” Vice said in a statement The New York Timeswho delivered the message. “The company, board and stakeholders remain focused on finding the best path for the company.”
The preparations come as the company is still looking for a buyer, which could happen in the coming weeks.
Fortress Investment Group is the company’s largest creditor, and if Vice entered Chapter 11, it would likely control the company.
The company was originally founded as Gonzo Magazine in 1994 by Shane Smith, Suroosh Alvi and Gavin McInnes. It subsequently launched a number of television divisions, including a linear channel, a studio division and a new division, along with a creative agency and web operation.
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
