These are complex times for the media. Vice Mediaonce one of the most popular brands for its in-depth and provocative reporting, filed for bankruptcy early Monday.
The company requested the protection of Chapter 11 of the commercial laws in the United States in order to get a group of lenders to buy its assets for 225 million dollars. Vice is estimated to have liabilities (or debts) in the range of $500 to $1 billion..
“This expedited court-supervised sale process will strengthen the Company and position VICE for long-term growth,” co-CEOs Bruce Dixon and Hozefa Lokhandwala wrote in a statement.
As reported CNNVice has already been loaned $20 million by Fortress Investment Group and Soros Fund Management to keep it afloat while it finds a buyer.
What is Vice?
Vice Media is a media and entertainment company founded in 1994 by Shane Smith, Suroosh Alvi and Gavin McInnes. The company started out as an alternative magazine in Montreal, Canada, known as the Voice of Montreal. In 1996, the magazine’s name was changed to Vice and it has experienced significant growth ever since.
Over time, the company expanded and diversified its content, covering a wide range of topics such as news, culture, music, fashion, and more. In addition, Vice had a global reach, establishing offices around the world, including the United States, United Kingdom, Canada, Australia, and more..
Vice Media was characterized by its bold, irreverent and avant-garde style, attracting a young audience eager for alternative content. Over the years, the company faced challenges and criticism, but had managed to stay relevant and grow by adapting to new trends and technologies.
In 2017, the company’s value was $5.7 billion. However, the change in consumption patterns has strongly reduced investment in digital advertising.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.