Vice Media Group, which was once valued at $5.7bn, is set to be sold but will keep operating.
The company behind the websites Vice and Motherboard has filed for bankruptcy in the US and is set to be sold to a group of its lenders.The youth-focused digital publisher said it will continue to operate during the bankruptcy process.
Launched in 1994 as a fringe magazine called Voice of Montreal by Shane Smith, Gavin McInnes and Suroosh Alvi, Vice currently operates in more than 30 countries.Vice Media Group's investors include Fortress Investment Group, Monroe Capital and Soros Fund Management - the firm founded by fund manager and billionaire George Soros.
However, ultimately the majority of online ad revenues have gone to tech giants such as Google and Facebook-owner Meta.
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