NYT Reveals Vice Will File For Bankruptcy in Coming Weeks

(NationRise.com) – According to a New York Times Monday report, left-wing digital media outlet Vice will file for bankruptcy in the coming weeks, which could represent the end of a site that managed to expand to different platforms because of the great success it achieved in past years in terms of audience.

As reported by the newspaper, people familiar with the matter revealed that Vice has been looking for a buyer over the last few months to buy the company and prevent bankruptcy. The New York Times also pointed out that while more than five companies were interested in purchasing Vice, the chances of the digital media outlet getting acquired by another company are small.

In 2017, this company was reportedly valued at nearly $6 billion after private equity firm TBG decided to make a $450 million investment into Vice but then dropped two years ago to $3 billion. According to the New York Times, the digital media outlet is currently valued at just a “fraction” of the $5.7 billion in 2017, as Vice has been looking for a buyer.

The liberal newspaper also pointed out that Fortress Investment Group, which is the company’s main investor, could end up controlling Vice in case the company finally files for bankruptcy. Moreover, the New York Times report noted that a person familiar with the matter said that other investors in the company, such as Fox or Disney, wouldn’t get any investment return.

Following the newspaper’s report, Vice told the New York Times in a statement that the company has been dealing with “a comprehensive evaluation of strategic alternatives and planning.” Vice also said that the company, along with its stakeholders and board, keeps focused on finding “the best path.”

The left-wing media outlet was founded in Montreal, Canada in 1994. It originally started as a magazine that only covered pop culture and entertainment before turning into a popular digital outlet and a media that broadcasted weekly news programs and video content on HBO.

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