Left-Wing VICE Preparing To File For Bankruptcy
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VICE is preparing to file for bankruptcy.
According to the New York Times, “the company has been looking for a buyer, and still might find one, to avoid declaring bankruptcy. More than five companies have expressed interest in acquiring Vice, according to a person briefed on the discussions. The chances of that, however, are growing increasingly slim, said one of the people with knowledge of the potential bankruptcy.”
Vice, the brash digital-media disrupter that charmed giants like Disney and Fox into investing before a stunning crash-landing, is preparing to file for bankruptcy, according to two people with knowledge of its operations.
The filing could come in the coming weeks, according to three people familiar with the matter who weren’t authorized to discuss the potential bankruptcy on the record.
The company has been looking for a buyer, and still might find one, to avoid declaring bankruptcy. More than five companies have expressed interest in acquiring Vice, according to a person briefed on the discussions. The chances of that, however, are growing increasingly slim, said one of the people with knowledge of the potential bankruptcy.
A bankruptcy filing would be a bleak coda to the tumultuous story of Vice, a new-media interloper that sought to supplant the media establishment before persuading it to invest hundreds of millions of dollars. In 2017, after a funding round from the private-equity firm TPG, Vice was worth $5.7 billion. But today, by most accounts, it’s worth a tiny fraction of that.
Other media outlets have also downsized – including BuzzFeed news shutting down.
Its potential bankruptcy comes as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.
Earlier this month, BuzzFeed Inc (BZFD.O) said it would shutter its news division, which gained renown for its irreverent and probing coverage, but ultimately succumbed to the challenges of its digital-first business model.
Fake news doesn’t sell.
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