Report Claims That Vice May Be On the Verge of Bankruptcy

Report Claims That Vice May Be On the Verge of Bankruptcy

Report Claims That Vice, May Be On the Verge of Bankruptcy.

'The New York Times' reports that sources claim Vice is preparing to file bankruptcy.

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As recently as 2017, , Vice was valued at , $5.17 billion.

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Quartz reports that the media company is now likely worth just a fraction of the 2017 valuation, which represented a high water mark for the brand.

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Last week, Vice announced that over 100 employees would be laid off.

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The American-Canadian company also announced that both its TV news program 'Vice News Tonight' and its global operation, 'Vice World News,' would be closing.

Despite securing $30 million in debt financing from Fortress Investment Group, the media company appears to be teetering on the verge of bankruptcy.

'NYT' reports that while at least five companies have expressed interest in acquiring the Vice brand, the chances of a successful sale being made is "increasingly slim.".

Starting in the 1990s, Vice grew from a local Montreal punk zine into a global media brand spanning print, digital, television and film.

Quartz reports that numerous outlets have experienced a rough few months, including Buzzfeed, which was forced to close its news operation and lay off its staff.

Quartz reports that numerous outlets have experienced a rough few months, including Buzzfeed, which was forced to close its news operation and lay off its staff.

Other outlets to announce layoffs include Vox, NPR, FiveThirtyEight, National Geographic and the Washington Post.

Other outlets to announce layoffs include Vox, NPR, FiveThirtyEight, National Geographic and the Washington Post