The corporate, as soon as valued at $5.7 billion, has struggled with money owed and shrinking advert income in recent times.
After weeks of hypothesis, Vice Media filed for Chapter 11 chapter safety Monday to clean a sale of the corporate.
Bloomberg reported that Vice listed each property and liabilities within the vary of greater than $500 million to as a lot as $1 billion in a Chapter 11 petition filed in a New York courtroom. Bloomberg studies that Fortress Credit score Corp. ranked among the many greatest secured collectors, with claims totaling about $475 million.
Within the face of a weak promoting market, a turbulent financial system and fierce competitors from larger tech and legacy media, Vice, like fellow digital media darlings BuzzFeed and Vox Media, has struggled to handle prices and develop revenues.
Submitting for chapter is a brand new low for a corporation that was as soon as one of many hottest media manufacturers round, and boasted funding from the likes of Fox Corp. and Disney. At one level Vice was reportedly valued at $5.7 billion and was set on a path for a inventory market itemizing.
However the Brooklyn-based firm has suffered vastly from a collection of inside issues and outdoors elements that it had little management over. Particularly, 2023 has proved to be one thing of annus horribilis for Vice, with Nancy Dubuc stepping down as CEO in February. The veteran media and TV government had led Vice since 2018, when she succeeded co-founder Shane Smith in an effort to professionalize and develop the media firm. Jesse Angelo, Vice’s international president of reports and leisure, left in March.
In April, Vice shuttered its flagship TV information present and laid off greater than 100 employees.
Extra to return…