Vice Media Preparing To File For Bankruptcy

vice president Media Group, the youth-slanting digital media brand, is preparing to file for bankruptcy.

According to the report, the company, which was valued at $5.7B in 2017, is considering the move after struggling to find a buyer.

This comes after a tumultuous start to the year for the company Nancy Dubuc Exit Five years later, Bruce Dixon and Hojefa Lokhandwala were replaced, as well as the departure of the global president of news and entertainment. Jessie Angelo is going to start her own production company.

Last week, the company made the latest in a series of layoffs, streamlining its news division and Canceling Your Signature Show – Vice News Tonight.

,Vice Media Group engaged in a comprehensive evaluation of strategic options and planning,” Vice said in a statement the new York Times, who broke the news. “The attention of the company, its board and stakeholders remains focused on finding the best path forward for the company.”

The preparations are being done as the company is still looking for a buyer, which could happen in the next few weeks.

Fortress Investment Group is the company’s largest debt holder and would likely control the business if Vice enters Chapter 11.

The company was founded in 1994 by Shane Smith, Suresh Alvi and Gavin McInnes, initially as a gonzo magazine. It later launched several television divisions, including a linear channel, a studio arm and a new division, in addition to a creative agency and web operation.