Vice Media Group preparing to file for bankruptcy
Vice Media Group, “the swashbuckling, youth-skewing digital media brand,” is preparing to file for bankruptcy, reports DEADLINE.
The Brooklyn-based company, which was valued at $5.7 billion in 2017, is considering the move after struggling to find a buyer, according to reports.
Last week, the company underwent the latest in a series of layoffs, streamlining its news division and canceling its signature show in Vice News Tonight.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement to the New York Times, which broke the news. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
The preparations come as the company is still searching for a buyer, which could happen over the next few weeks, states DEADLINE.
More here.
