Vice Media files for bankruptcy, underscoring the fraught economic environment for digital media companies.
The group of sites, which includes food outlet Munchies and fashion news brand Refinery29, will continue publishing as the Chapter 11 bankruptcy process unfolds and the site takes on new ownership, Vice MediaThe bankruptcy announcement will facilitate the sale of Vice Media to a group of its top lenders led by Fortress Investment Group and Soros Fund Management -- which has agreed to an acquisition of the company that values it at about $225 million, the statement said.
The move comes weeks after Vice Media canceled its flagship TV program, "Vice News Tonight," indicating the depth of layoffs and cost cuts already underway.Anindito Mukherjee/Bloomberg via Getty Images BuzzFeed News, a brand synonymous with the rise of online news coverage, shuttered less than a month ago.
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice has agreed to sell its assets to a consortium of lenders in exchange for $225 million in credit. Other parties will also be able to submit bids. The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide.
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit.
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Vice Media, once a digital media darling, is bankruptVice Media, once a digital video upstart formerly valued at nearly $6 billion, has filed for bankruptcy protection.
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Vice Media Group files for Chapter 11 protection to facilitate saleVice Media Group, the company popularly known for its websites such as Vice and Motherboard, said on Monday it had filed for Chapter 11 protection to facilitate its sale.
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