Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. The company said it has agreed to sell its assets to a consortium of lenders in exchange for $225 million in credit.
NEW YORK — Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter afterVice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit. Other parties will also be able to submit bids.
Digital advertising has plummeted this year, cutting into the profitability of major tech companies from Google to Facebook. Over the years, Vice developed a reputation for in-your-face journalism that covered daring stories around the world. The media company’s assets also includes film and TV production, an in-house marketing agency, and brands such as Refinery 29 and Unbothered.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vice Media Group files for Chapter 11 protection to facilitate saleVice Media Group, the company popularly known for its websites such as Vice and Motherboard, said on Monday it had filed for Chapter 11 protection to facilitate its sale.
Read more »
Vice Media Group files for Chapter 11 protection to facilitate saleThe company said in a court filing that it listed both assets and liabilities in the range of $500 million to $1 billion.
Read more »
Vice Media Formally Files for Chapter 11 BankruptcyStruggling media company Vice Media Group, said on Monday it had filed for Chapter 11 protection to facilitate its sale. The company said in a court filing that it listed both assets and liabilitie…
Read more »
Vice Media Files For Chapter 11 BankruptcyTrail-blazing youth brand Vice Media has formally filed for Chapter 11 bankruptcy protection. The move is part of a plan to engineer a sale to a group of lenders, according to Reuters. As expected,…
Read more »
Vice Media files for Chapter 11 bankruptcy ahead of planned sale | CNN BusinessVice Media filed for Chapter 11 bankruptcy protection Monday to facilitate a sale of the company, according to court documents and a statement from the struggling media group.
Read more »
Vice Media Files For Chapter 11 Bankruptcy Ahead Of Planned Sale To DebtorsThe digital media publisher, which was once valued at $5.7 billion, had been struggling to turn a profit.
Read more »