After struggling to find a buyer, it’s getting less and less likely that a savior will come and rescue Vice. It reportedly won’t long until the digital media company files for bankruptcy.
According to The New York Times, Vice is “preparing to file for bankruptcy,” with the filing expected to “come in the coming weeks.”
It’s entirely possible a buyer could step forward, but it’s not likely to happen as the NYT called those chances as “growing increasingly slim.”
Vice had made recent cost-saving moves, including closing the Vice World News division with their flagship show, Vice News Tonight. Vice also went through multiple layoffs hoping to stop the financial bleeding.
If Vice goes into bankruptcy, the company would continue to operate while an auction would take place over the next 45 days. As the largest, and most senior, debtholder, Fortress Investment Group would be paid first. That, or they could buy the company themselves.
Disney and Fox both invested in Vice over the years, but neither are getting anything in return if Vice is sold. Disney almost bought the company for over $3 billion back in 2015, but didn’t.
While there will be people dancing on Vice’s metaphorical grave, Vice deserves credit for investigating and covering worldwide stories that American mainstream media outlets weren’t willing to cover. It’s a contrast to the opinion-heavy cable news networks on both the right and left.
