Published
Tue, May 2, 2023, 11:30
- The news follows layoffs, restructuring and the cancellation of Vice's signature broadcast, Vice News Tonight.
Digital media and broadcasting company Vice is preparing to file for bankruptcy, according to The New York Times.
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.
We'll report more on this story as it unfolds.
Photo: Mario Tama