Vice Media, the one-time darling that has attracted investment from some of the world’s biggest entertainment companies, is preparing to file for bankruptcy, the New York Times reported, citing two people with knowledge of its business.
The online media company has been looking for a buyer but is now preparing for a possible bankruptcy filing, the newspaper reported. The filing could come in the coming weeks, the Times said.
Last week, the TV and online video outlet laid off staff and cancelled its flagship program, Vice News tonight.
Vice “has been involved in a comprehensive evaluation of strategic alternatives and planning,” a spokesman said in a statement. “The company, its board and its stakeholders remain focused on finding the best path for the company.”
Vice, which operates an eponymous cable channel and creates documentaries and other video content for its own and other affiliates, was once valued at $5.7 billion. Among the investors was Walt Disney Co. and Fox Corp., though its equity may now be worthless, according to the Times. According to the newspaper, the largest debtor is Fortress Investment Group.
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