Vice Media Is Reportedly Preparing For Bankruptcy
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
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