Plan comes amid waves of media layoffs and closures, including shuttering of BuzzFeed News



Vice Media Group, the company behind popular media websites such as Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported on Monday, citing people with knowledge of its operations.

The report comes days after Vice shuttered its Vice News Tonight program, and amid waves of media layoffs and closures, including the end of BuzzFeed News.

Vice has received interest from five companies and might consider a sale to avoid bankruptcy, the Times report said, adding that in the event of a bankruptcy, which could happen in the coming weeks, Vice’s debt holder Fortress Investment Group could end up controlling the company.

The company is expected to continue operating normally in event of bankruptcy filing, the Times reported.

A Vice spokesperson did not directly comment on the bankruptcy report in a statement, but said the company “has been engaged in a comprehensive evaluation of strategic alternatives and planning” and that “its board and stakeholders continue to be focused on finding the best path”.

The potential bankruptcy hits at a challenging moment for the industry, as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.

This month, BuzzFeed said it would shutter its news division, which gained renown for its irreverent and probing coverage, but ultimately succumbed to the challenges of its digital-first business model.

Last week, Vice Media said it would cancel its popular TV program Vice News Tonight as part of a broader restructuring that would result in job cuts across the digital media firm’s global news business, capping years of financial difficulties and top-executive departures. News reports estimated that more than 100 employees would be laid off as part of the restructuring.

Vice was among a group of fast-rising digital media ventures that once commanded rich valuations as they courted millennial audiences. In 2017, the company was valued at $5.7bn.

It rose to prominence alongside its provocative co-founder, Shane Smith, who built his media empire from a single Canadian magazine. One of Vice’s other co-founders, Gavin McInnes, is now better known as the founder of the Proud Boys, a far-right group whose leaders are now facing seditious conspiracy charges for their actions during the January 6 insurrection in Washington.

https://www.theguardian.com/media/2023/may/...nkruptcy-report



This post has been edited by wilsonjay: May 2 2023, 02:10 PM

We have AI now as Artificial intelligence (AI) is a wide-ranging tool that enables people to rethink how we integrate information, analyze data, and use the resulting insights to improve decision making-and already it is transforming every walk of life. So this is normal to see company closing.

their stuff are made of legends , those north korea docu , warlords , etc , super raw stuff

true.. brave n no filter reporting

pre 2015 they were pretty good at reporting niche stuff like krokodil, after whoever acquired them their reporting slowly went down the drain.

The last backlash i knew was about Japanese ero anime and manga industries. Vice tried to paint Japan as the paedophilia society. They should look at their own backyard instead.

No wonder ppl from BuzzFeed all lari

their report on the Haj Pilgrimage is bad journalism.

Who TF sneaks in a camera secretly filming the Haj
when it is televised live all over the world and
people are allowed to take selfies and make vlogs in Masjidil Haram?



This post has been edited by seriosekitt3h: May 2 2023, 02:37 PM

How do they even make money other than YouTube money?

I think most media companies generally runs their own production studio business as well

Vice is legend

got stakeholders to answer to then different liao sadly

lel bruhhhh

sad no more vice news

werent they shit for the recent few years?

Tim Pool Rejoice

Vice?

The one who victimized the huge boobies tech creator from CN?

Didn't they ask for public help few years back? So fast cannot again?

The Disney Company, who else la

Now zaman tiktok and woke stuff.

Those serious reporting current gen no care.