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Vice Media Group, the struggling and youthful digital media brand, is preparing to file for bankruptcy.
According to reports, the company, which was valued at $5.7 billion in 2017, is considering such a move after it struggled to find a buyer.
It follows a tumultuous start to the year for the company, which saw the exit of Nancy Dubuque after five years, replaced by Bruce Dixon and Josefa Lokhandwala, as well as the departure of global head of news and entertainment Jesse Angelo to launch his own production company. .
Last week, the company underwent its latest slew of layoffs, streamlining its news department and canceling its signature offering in Vice News Tonight.
“Naeb Media Group has engaged in a comprehensive assessment of strategic and planning alternatives,” Weiss said in a statement. New York timeswho spread the news. “The Company, its Board of Directors and stakeholders continue to focus on finding the best course for the Company.”
The preparations come as the company is still looking for a buyer, which could happen over the next few weeks.
Fortress Investment Group is the company’s largest debt holder, and if Vice goes into Chapter 11 it could potentially control the business.
The company was founded by Shane Smith, Soroush Alvi and Gavin McInnes in 1994, initially as Gonzo Magazine. It subsequently launched a number of television divisions, including a linear channel, a studio arm and a new division as well as a creative agency and web operation.