Vice Media Group reportedly headed for bankruptcy

Vice Media Group Bankrupt
Author : Max Spruill
May 05, 2023

Vice Media Group reportedly headed for bankruptcy

Digital media and broadcasting company Vice is preparing to file for bankruptcy, according to The New York Times.

Sign up to the 6AM Insider bi-weekly newsletter to keep up with the latest industry news, in-depth features & releases

Published yesterday, May 1st, the article said Vice is actively looking for a buyer to avoid declaring bankruptcy. More than five companies have expressed interest, but the chances of a takeover are growing less and less likely. The news follows a recent wave of layoffs and restructuring, as well as the cancellation of Vice’s signature newscast, Vice News Tonight.

“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement yesterday. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”

Vice launched in Montreal in 1994 before relocating to New York in 1999. The firm began aggressively expanding its digital video operation in the mid-’00s, launching various new sites, such as Noisey (music), Munchies (food) and Thump (electronic music), which closed in 2017. At one point, the company was valued at $5.7 billion.

Originally reported by RA.

Read Next: 10,000 People Attend Illegal Rave on Military Site in Belgium