According to people familiar with the situation, the New York Times reported on Monday that the digital media firm Vice is getting ready to declare for bankruptcy in the coming weeks.
According to The Times, Vice has been searching for a buyer to acquire the business for the last several months in order to avoid filing for bankruptcy. According to persons with knowledge of the situation, there have been more than five corporations that have indicated interest in purchasing the digital media platform Vice.
After private equity firm TBG invested $450 million in Vice in 2017, the company's valuation reportedly peaked at $5.7 billion, but fell to just $3 billion by 2021. According to The Times, Vice has been looking for a possible buyer, and as a result, its worth has decreased to a "fraction" of what it was in 2017.
According to The Times, if Vice declares bankruptcy, its largest backer, Fortress Investment Group, may gain control of the business. According to a source knowledgeable, the article also said that other Vice investors, such as Disney and Fox, would not get investment returns.
Vice Media Group, in a statement to the Times on Monday, claimed it has been "engaged in a comprehensive evaluation of strategic alternatives and planning." The firm, its board, and its stakeholders are committed to determining the right course for the business.
Before moving to HBO, where it aired its weekly news shows and other video features until HBO severed connections with the business in 2019, Vice Media was formed in 1994 in Montreal, Canada, as a magazine covering entertainment and culture.
Vice Media has expanded to encompass five distinct divisions: a news division, an advertising agency, Vice Studios, a TV network, and Vice.com, a digital content platform.
According to The Times, Vice has been searching for a buyer to acquire the business for the last several months in order to avoid filing for bankruptcy. According to persons with knowledge of the situation, there have been more than five corporations that have indicated interest in purchasing the digital media platform Vice.
After private equity firm TBG invested $450 million in Vice in 2017, the company's valuation reportedly peaked at $5.7 billion, but fell to just $3 billion by 2021. According to The Times, Vice has been looking for a possible buyer, and as a result, its worth has decreased to a "fraction" of what it was in 2017.
According to The Times, if Vice declares bankruptcy, its largest backer, Fortress Investment Group, may gain control of the business. According to a source knowledgeable, the article also said that other Vice investors, such as Disney and Fox, would not get investment returns.
Vice Media Group, in a statement to the Times on Monday, claimed it has been "engaged in a comprehensive evaluation of strategic alternatives and planning." The firm, its board, and its stakeholders are committed to determining the right course for the business.
Before moving to HBO, where it aired its weekly news shows and other video features until HBO severed connections with the business in 2019, Vice Media was formed in 1994 in Montreal, Canada, as a magazine covering entertainment and culture.
Vice Media has expanded to encompass five distinct divisions: a news division, an advertising agency, Vice Studios, a TV network, and Vice.com, a digital content platform.
