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).

Other posts by :

1. Rakuten makes historic satellite video call
2. Rocket Lab confirms D2C ambitions
3. Turkey establishes satellite production ecosystem
4. Italy joins Germany in IRIS2 alternate thoughts
5. Kazakhstan to create museum at Yuri Gagarin launch site
6. AST SpaceMobile gets $42 or $1500 price target
7. Analyst: GEO bloodbath taking place
8. SES AGM results: Appaloosa still objecting
9. SpaceX’s Shotwell worth $1.2bn

Categories: Articles, Business

Tags: bankruptcy, Buzzfeed, VIce, VIce Media