Vice Media, once a digital video upstart formerly valued at nearly $6 billion, has filed for bankruptcy protection.
Vice Media, once a digital video upstart formerly valued at nearly $6 billion, on Monday filed for bankruptcy protection.
Vice launched in Montreal, Canada, in 1994 as a free magazine focused on alternative music and culture. Backed by money from other media companies as well as blue-chip Silicon Valley investors, the company eventually branched into online video and documentaries catering to millennials. Shane Smith once quippedAccording to its Chapter 11 filing, Vice has assets and liabilities ranging from $500 million to $1 billion.
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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 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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Vice Media Files for Bankruptcy (Report)The company, once valued at $5.7 billion, has struggled with debts and shrinking ad revenue in recent years.
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Vice Media Group files for Chapter 11 protection to facilitate saleThe company said in a court filing that it listed both assets and liabilities in the range of $500 million to $1 billion.
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Vice Media Formally Files for Chapter 11 BankruptcyStruggling media company Vice Media Group, said on Monday it had filed for Chapter 11 protection to facilitate its sale. The company said in a court filing that it listed both assets and liabilitie…
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