THE AMERICAN MEDIA HOLDING VICE IS PREPARING FOR BANKRUPTCY

Vice Media Group LLC., a media management company, is preparing for bankruptcy. The firm is desperately trying to find an investor ready to acquire the media business. However, if this does not happen in the near future, the organization will declare its insolvency.

Information about the possible bankruptcy of Vice was shared by the NYT. According to insider data obtained from several sources, the company has very little chance of avoiding court proceedings. The publishing brand, which received funding from private investor TPG in 2017 and was estimated at $5.7 billion, is currently "broke."

The history of Vice began with the punk magazine Voice of Montreal, organized by several Canadian journalists in 1994. The project of the publication, which offered an original vision of a new digital journalism, interested large corporations (Disney, Fox). Millions of dollars began to be invested in the company.

In 2015, Disney even considered acquiring the company for over $3 billion. As a result, the deal did not take place, which did not prevent the publication from continuing to attract investors.

However, the heyday of the company, which came in the 2010s, remained in the past. The company's debts were growing, and the chances of closing them were fading. Last week was marked by the closure of Vice World News, where there was coverage of global conflicts and human rights violations in the world. For journalists who follow the standards of creating sharp reports from dangerous locations, put into practice by the co-founder of the publication Shane Smith, this was a serious shock.

Recently, staff turnover has also affected the company's management. Former executive director Nancy Dubuc was fired after working at the publication for about five years. Another top manager, Jesse Angelo, who was responsible for the news agenda and entertainment unit, was also forced to leave the company.

According to American experts, in case of bankruptcy, Fortress Investment Group may become the new owner of the media. He is the largest and oldest creditor of the publishing business. The restructuring is expected to be completed within 45 days.

Photo by Freepik