By Polly Davis Doig, May 2, 2023 Updated May 15, 2023
Vice filed for bankruptcy as expected Monday morning, the latest large media company to go under. In this case, it appears that a group of Vice lenders including Soros Fund Management and Fortress Investment Group will attempt the buy the company with a credit bid of $225 million, reports CNBC. All of which cements "Vice’s status among the most notable bad bets in the media industry," per the New York Times.
The former digital powerhouse is known for sites including Vice, Motherboard, and Refinery29.
Vice, the media company that went
from a Montreal punk magazine more than 20 years ago to a juggernaut
with a $5.7 billion valuation, is the latest member of the Fourth Estate
to be on the brink of going belly up. The New York Times,
citing three "people with knowledge" but not authorization to blab
publicly, reports the company is currently shopping for a buyer but
preparing for bankruptcy in the event that doesn't happen. ..........To Read More...
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