Vice Media Group, the company behind popular publishers Vice and Motherboard, is preparing to file for bankruptcy, according to people with knowledge of the company’s operations (lead image: Shane Smith, executive chairman, Vice Media).
Five companies are reportedly interested in purchasing Vice in the event of its bankruptcy, according to The New York Times. Though, if a sale does fail to materialise, Vice’s debt holder, Fortress Investment Group would end up controlling the company.
The company is expected to continue operating normally in the event of any bankruptcy filing.
Last week, Vice ended its Vice News Tonight program, laid off staff and restructured its team. “Dozens” of staffers were reportedly culled, including Vice News editor-in-chief Michael Learmonth, chief political correspondent Elizabeth Landers, senior political reporter Cameron Joseph, senior editor Christina Sterbenz, national security reporter Ben Makuch, as well as audio journalist Sam Eagan.
Reports have suggested that more than 100 employees would be laid off as part of the restructuring effort.
Vice was one of the hottest products in the world of digital media at one point. In 2017, it was valued at around AU$7.4 billion after its co-founder, Shane Smith, grew the media business from a single magazine.
Vice’s other co-founder, Gavin McInnes has had an even faster and more spectacular fall from grace. After leaving Vice, he founded the far-right group the Proud Boys, whose leaders are facing conspiracy charges following their role in the 6 January insurrection in the US Capitol.
Lead image credit: Vice
Please login with linkedin to commentVice
Westpac customers were rendered unable to access their bank accounts online for around eight hours yesterday and its crisis comms strategy should prove instructive for the likes of Optus. The bank began posting regular updates on X (you may know it better as Twitter) around 9pm AEDT yesterday through to around 5.15am this morning. The […]
An American university has launched a trio of ads that take a witty look at eccentric jobs as a backdrop to promoting its courses. Post University in Connecticut launched the national campaign to promote its online courses with the premise being that these are the types of careers not on offer at the University. The […]
We’ve all met that one person who takes great pride in telling the world that they are a perfectionist. “I need things to be just right,” they say as they adjust the vignette settings on an Instagram post of their avocado toast (this rhyme was not intentional). As fabulous as perfection may be – who […]
Social Indigenous Enterprise We Are Warriors (WAW), supported by creative innovation studio R/GA Australia, has been selected to produce the City of Sydney’s New Year’s Eve Calling Country live performance as part of the 9pm firework show. Lead image L-R: WAW co-founders Ben Miles & Nooky. The performance will feature a special Welcome to Country […]
Most marketers, agencies, and brands agree that data is king. Love it or hate it, there is no denying that data is a powerful tool for targeting consumers. Yet the world of data is facing several seismic privacy changes that will have huge consequences for the entire advertising industry. Marketing teams around Australia are now […]
Independent brand and creative agency Chello has created a new integrated campaign ‘I want Tiggo’ to launch automotive giant Chery’s new Tiggo 7 pro into the Australian market. ‘I want Tiggo’ features a short film depicting a young boy who sees his father getting in the car and driving off and shouts “I want to […]
oOh!media continues to rapidly expand its large format digital network, launching seven new sites at premium locations across major arterials in Sydney, Melbourne and Brisbane. The latest large format digitals include another premium site in the exclusive Sydney suburb of Mosman. Positioned at the gateway of the lower north shore on Military Road, the high-impact […]