Digital Media Giant Vice Media Files for Bankruptcy Amidst Digital Advertising Slump
Expected to be acquired by a consortium of lenders, the company remains hopeful for a future strengthened by the sale process and continued commitment to authentic journalism.
A portrait of Vice Executive Chairman Shane Smith by Clarissa Steed
Vice Media, known for its edgy journalism and content creation, has filed for Chapter 11 bankruptcy. The company will be purchased by a consortium of lenders for about $225 million, plus significant debt. The bankruptcy filing comes amid a wider digital advertising downturn that's impacting many media companies. Co-CEOs Bruce Dixon and Hozefa Lokhandwala believe the sale will bolster the company's long-term growth. This news follows a wave of layoffs at Vice, the cancellation of their flagship show, and significant changes in leadership. Once valued at $5.7 billion in 2017, estimates now place the company's worth at just a fraction of that.
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By Clarissa Steed