Vice Media Likely To Declare Bankruptcy

Multiple reports indicate the left-wing outlet Vice Media is preparing to file for bankruptcy.

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.

The revelation follows the demise of BuzzFeed News and Disney’s recent layoffs, leading the founder of the data-driven news site FiveThirtyEight to announce he expects to leave ABC News once his contract expires.

A Chapter 11 filing would clear the way for Vice to be sold to creditors.

The New York Post reports:

The filing could happen in the coming weeks, the New York Times reported Monday, citing anonymous sources with knowledge of the matter.

Founded by Shane Smith, whose once-high-flying media firm was worth nearly $6 billion, Vice has been looking for a buyer since last year.

The Times said more than five companies have expressed interest in acquiring Vice, but the chances of an acquisition happening now are “increasingly slim.”

The looming bankruptcy would mark an end to Vice’s wild ride in which Smith sought to disrupt traditional storytelling. Mainstream media companies like Disney invested hundreds of millions of dollars in Smith’s vision.

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, it faced criticism over loaded wording and story selection, resulting in media watchdogs calling it biased.

It also faced serious allegations of enabling widespread sexual harassment at work. An investigation by The New York Times uncovered four settlements involving sexual misconduct or defamation against employees, including then-President Andrew Creighton.

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