Vice is preparing to file for bankruptcy just 2 weeks after Buzzfeed News shuttered
First, it was BuzzFeed News, now Vice is reportedly preparing to file its own bankruptcy. The New York Times reported late yesterday that Vice Media Group, the parent company of media websites Vice and Motherboard, is on the verge of filing for bankruptcy.
The bankruptcy filing could come in the coming weeks, The Times reported, citing three people familiar with the matter who weren’t authorized to discuss the potential bankruptcy on the record. Per the report, Vice has been searching for a potential buyer for the company in recent months in a bid to avert bankruptcy.
”Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. The company, its board, and stakeholders continue to be focused on finding the best path for the company”, Vice said in a statement to the Times on Monday.
Vice is the latest in a series of problems facing the US media. The news of potential Vice bankruptcy comes just days after Buzzfeed News closed its doors and a few weeks after NPR announced it was laying off 10% of its workforce. Other major media outlets including ESPN, ABC, NewsCorp, and Vox Media have all announced job cuts this year as well.
Meanwhile, five companies have expressed interest in acquiring Vice in the event of its bankruptcy, the report stated. However, individuals familiar with the situation claim that the probability of Vice being acquired by another company is low.
Late last month, BuzzFeed News, a news outlet that aimed to revolutionize how people get news on the Internet, announced it was shutting down after 12 years of online, marking the end of an era.
Vice News was first launched in 2013 by Vice Media, LLC, an American-Canadian media company that produces content focused on youth culture, music, fashion, and more. Vice News initially started as a YouTube channel and expanded to its own website, producing video content covering global news, politics, and other current events.
Since its launch, Vice News quickly gained a reputation for its immersive, on-the-ground reporting style and has covered stories from conflict zones and crisis situations around the world. The channel has also won numerous awards for its journalism, including Emmy Awards, Webby Awards, and Overseas Press Club Awards.