- Vice Media is preparing to file for bankruptcy, a major fall from grace for a once-hot media startup valued at $5.7bn at its peak.
- The company has struggled for years to find growth and has been looking to sell itself, but a deal hasn’t materialized.
- Following a bankruptcy filing, Vice would seek to sell itself through a court-supervised sale process in bankruptcy.
- Vice’s downfall is emblematic of the tough times that new media companies that raised money at sky-high valuations have had.
- Fortress Investment Group, as the largest senior lender to Vice, could take control after Vice exits bankruptcy, unless a white-knight buyer emerges.
WSJ — World — Business — Media bankruptcy — Finance — Investment
Vice Media Prepares to File for Bankruptcy
Vice Media is preparing to file for bankruptcy as it struggles to find growth and a buyer for its business, marking a fall from grace for the once-hot media startup valued at $5.7bn at its peak.