Digital media and global broadcasting company founded in 1994, Vice Media, is considering filing for bankruptcy. Beginning as a print magazine, Vice Media has since grown to encompass a video news channel, long-form documentary series, and other things.
In 2017, the company was valued at $5.7 billion. For the purpose of paying suppliers and independent contractors, Vice requested a $30 million USD financing line from its debt holder in February. Vice, like many other digital media companies, has had to begin scaling back on their operations. Since February the company has had steady layoffs throughout their staff & more recently has cancelled Vice News Tonight, the company’s daily news segment.
Vice Media is certainly not the only digital media company facing issues. BuzzFeed also recently put a halt on the production of BuzzFeed News and has faced large rounds of layoffs. Other companies have been forced to simply shut down and let go of all their staff.
Thankfully Vice Media does not seem to be in that dire of a position; however, the asking price for Vice Media is only $1.5 billion, which is quite low in comparison to its valuation in 2017. There are allegedly at least five companies that are in contact with Vice Media and may be interested in buying the media corporation.