Vice Mediathe group that was once a legend of journalism, could be declared in bankruptcy In the next weeks. This is how he reports it New York Times citing sources familiar with the matter.
The group that became popular for its provocative reporting is looking for a buyer without getting a good response from the publishing industry.
“Vice Media Group has engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement Monday, according to the outlet. “The company, its board of directors and its stakeholders continue to focus on finding the best path for the company.”
Put another way, the company has taken steps to declare bankruptcy if it can’t secure a buyer in the next few weeks.
The company could be on the brink of bankruptcy.
Vice It was once one of the most successful news companies, peaking in value at $5.7 billion in 2017. According to the page Axiosis now struggling to sell for a billion.
Find a buyer willing to pay this amount for Vice It has been a challenge, as has finding one willing to take on the company’s debt burden. A sale would avoid bankruptcy, but the company raised more than $30 million in debt financing from Fortress Investment Group, one of its biggest creditors, in February.
If the company were to go bankrupt, Fortress would likely take control of Vice and hold an auction to sell it, according to The New York Times.
What is Vice?
Vice Media is a media company co-founded by former Voice of Montreal colleagues Shane Smith, Suroosh Alvi, and Gavin McInnes as a magazine in 1994. Vice raised more than $1 billion in funding from a host of investors, including major companies such as A&E Networks, The Walt Disney Company and 21st Century Fox.
Its troubles began when investors noticed that Vice’s growth was slowing and that as of 2018 it missed its $800 million revenue target.
According to Axiosin 2022 the income of Vice it was about $600 million, about the same amount it made in 2018, and it wasn’t profitable.
Last week, the company said it was canceling its flagship show Vice News Tonight and cutting 100 jobs.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.