Will Vice Media Group survive as it files for bankruptcy protection?

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Vice Media Group, which includes websites like Vice and Motherboard, has filed for bankruptcy protection. It plans to sell its assets to a group of lenders for around $225 million US. The lender consortium includes Fortress Investment Group, Soros Fund Management and Monroe Capital. They will also take on significant liabilities. Vice’s assets and liabilities fall in the range of $500 million to $1 billion. The company has also received funding from the lenders, which will be used to cover costs during the sale process. This news follows Vice’s decision to cancel their television program, Vice News Tonight, as part of restructuring that included job cuts, and the recent announcement that BuzzFeed will shut down its news division. Both companies have struggled due to a challenging economic climate and weak advertising market. Vice was once a rising digital media venture and rose to prominence alongside co-founder Shane Smith, but has faced financial difficulties and top-executive departures in recent years.

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