Vice Media Files for Bankruptcy , and Announces Planned Sale.
On May 15, Vice Media filed for Chapter 11 bankruptcy to help facilitate the sale of the company and hopefully secure the future of the struggling media group.
CNN reports that the company's filing states that Vice has assets and liabilities worth somewhere between $500 million and $1 billion.
According to Vice, a group of creditors have already made a conditional bid for "substantially all of the company's assets.".
CNN reports that the list of creditors includes Fortress Investment Group, Soros Fund Management and Monroe Capital.
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CNN reports that the list of creditors includes Fortress Investment Group, Soros Fund Management and Monroe Capital.
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The creditors have reportedly agreed to pay approximately $225 million and assume "significant liabilities" upon closing the deal with Vice.
The creditors have reportedly agreed to pay approximately $225 million and assume "significant liabilities" upon closing the deal with Vice.
The news comes just weeks after Vice announced plans for a major restructuring that would include dozens of job cuts and the end of 'Vice News Tonight.'.
The news comes just weeks after Vice announced plans for a major restructuring that would include dozens of job cuts and the end of 'Vice News Tonight.'.
CNN reports that numerous news, entertainment and technology companies have faced falling revenues that have led to the reduction of workforces in recent months.
In April, Buzzfeed announced it would be permanently shutting down its news division.
Just last week, Paramount Media announced that it would be closing down MTV News.
Just last week, Paramount Media announced that it would be closing down MTV News.
However, CNN reports that Vice remains hopeful that the sale "will strengthen the company and position Vice for long-term growth.”.
However, CNN reports that Vice remains hopeful that the sale "will strengthen the company and position Vice for long-term growth.”
