New York – Media deputy It filed for creditor safety from chapter, turning into the most recent digital media firm to swing from a meteoric rise.
Vice reported Monday that it had agreed to promote its property to a gaggle of lenders — Fortress Funding Group, Soros Fund Administration and Monroe Capital — for $225 million in credit score. Different events can also submit provides.
The chapter submitting comes simply weeks after the corporate introduced the cancellation of its flagship present, “Vice Information Tonight,” amid a wave of layoffs anticipated to have an effect on greater than 100 workers within the firm’s 1,500-strong workforce., revealed by The Wall Road Journal. The corporate additionally indicated that it could finish its Vice World Information model, making Vice Information its solely model worldwide.
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Monday’s transfer comes amid a wave of layoffs and media shutdowns, together with job cuts at Gannett, NPR, the Washington Put up and extra in latest months. In April, BuzzFeed Inc. introduced. introduced the closure of its digital information outlet BuzzFeed Information as a part of a cost-cutting drive by its dad or mum firm.
Digital promoting has declined this 12 months, driving down the profitability of huge tech firms from Google to Fb.
Vice Media’s roots return to 1994, with the launch of the unique Vice punk journal in Montreal. Vice quickly moved to New York and have become a worldwide media firm.
Through the years, Vice has constructed a popularity for straight journalism, boldly overlaying occasions world wide.