Vice Media Files for Bankruptcy , and Announces Planned Sale.
On May 15, Vice Media filed for Chapter 11 bankruptcy to
help facilitate the sale of the company and hopefully
secure the future of the struggling media group.
CNN reports that the company's filing states
that Vice has assets and liabilities worth
somewhere between $500 million and $1 billion.
According to Vice, a group of creditors
have already made a conditional bid for
"substantially all of the company's assets.".
CNN reports that the list of creditors includes
Fortress Investment Group, Soros Fund
Management and Monroe Capital. .
CNN reports that the list of creditors includes
Fortress Investment Group, Soros Fund
Management and Monroe Capital. .
The creditors have reportedly agreed to pay
approximately $225 million and assume "significant
liabilities" upon closing the deal with Vice.
The creditors have reportedly agreed to pay
approximately $225 million and assume "significant
liabilities" upon closing the deal with Vice.
The news comes just weeks after Vice announced plans
for a major restructuring that would include dozens
of job cuts and the end of 'Vice News Tonight.'.
The news comes just weeks after Vice announced plans
for a major restructuring that would include dozens
of job cuts and the end of 'Vice News Tonight.'.
CNN reports that numerous news, entertainment and
technology companies have faced falling revenues that
have led to the reduction of workforces in recent months.
In April, Buzzfeed announced
it would be permanently
shutting down its news division.
Just last week, Paramount Media
announced that it would be
closing down MTV News.
Just last week, Paramount Media
announced that it would be
closing down MTV News.
However, CNN reports that Vice remains hopeful
that the sale "will strengthen the company
and position Vice for long-term growth.”.
However, CNN reports that Vice remains hopeful
that the sale "will strengthen the company
and position Vice for long-term growth.”