Left-wing media outlet Vice Media has officially filed for Chapter 11 bankruptcy protection.
According to reports from The Hill, Vice said Monday that it has agreed to sell its assets to a combination of lenders — Fortress Investment Group, Soros Fund Management, and Monroe Capital — in exchange for $225 million in credit. Other parties will also be able to submit bids.
Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala said the sale process will strengthen the company and position it for long-term growth, “thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms.”
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.
As American Liberty News previously reported, Vice restarted evaluating takeover bids in January after the Brooklyn-based media company came in valued at less than $1 billion. It was valued at $5.7 billion in 2017. (RELATED: Vice Media Likely To Declare Bankruptcy)
Founded in 1994, Vice expanded into digital media by the late 2000s while increasing its coverage of news and global events. Vice News, launched in 2014, quickly gained a global audience for its gritty coverage of unrest in places like Venezuela and Ukraine.
However, the liberal outset faced criticism over its “in your face” style of reporting, resulting in media watchdogs labeling it biased.
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