Vice Media Group is preparing to file for bankruptcy. Vice has already closed its Vice News Tonight, amidst a wave of closures including BuzzFeed News.

Vice had already put itself up for sale and had interest from five companies, the NYT reports. It adds that in the event of a bankruptcy, Vice’s debt holder Fortress Investment Group could end up controlling the company.

Vice said the company “has been engaged in a comprehensive evaluation of strategic alternatives and planning” and that “its board and stakeholders continue to be focused on finding the best path”.

Last week, Vice Media said it would cancel its popular TV show Vice News Tonight as part of a broader restructuring that would result in job cuts across the its global news business. News reports estimated that more than 100 employees would be laid off as part of the restructuring.

Vice was among the media ventures that once commanded rich valuations as they courted millennial audiences. In 2017, the company was valued at $5.7 billion (€5.1bn).

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Tags: bankruptcy, Buzzfeed, VIce, VIce Media