Vice Media Once Valued at $5.7 Billion, Headed for Bankruptcy Reports NYT
Tuesday, May 02, 2023
Vice, the digital-media disrupter that raised tens of millions from Disney and Fox before crashing, is now preparing to file for bankruptcy, according to two people with knowledge of its operations as reported by the New York Times on Monday night.
From a journalism standpoint, Vice’s report on the neo-Nazi march in Charlottesville, Virginia, may have been the height of the company.
Vice reported in 2017:
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“VICE News Tonight correspondent Elle Reeve went behind the scenes with white nationalist leaders, including Christopher Cantwell, Robert Ray, David Duke, and Matthew Heimbach — as well as counterprotesters. VICE News Tonight also spoke with residents of Charlottesville, members of the Black Lives Matter movement, and the Charlottesville Police."
Reeve later left Vice and now reports for CNN.
But now, the company is in economic free fall.
NY Times reports, “The filing could come in the coming weeks, according to three people familiar with the matter who weren’t authorized to discuss the potential bankruptcy on the record. In 2017, after a funding round from the private-equity firm TPG, Vice was worth $5.7 billion. But today, by most accounts, it’s worth a tiny fraction of that.”
"The media company has been in arrears to many of its vendors, and recently obtained a $30 million lifeline from Fortress to help it get through a sale process," reports the Wall St. Journal.
This is the second large digital media news company to hit financial hardship in recent weeks. Just two weeks ago, BuzzFeed announced it was eliminating its news.
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