Vice Media to file for bankruptcy.

It’s a tough time for media and technology firms, and Vice Media is no exception. The company behind popular media websites such as Vice and Motherboard is preparing to file for bankruptcy, according to Reuters.

The media firm has received interest from five companies and might consider a sale to avoid bankruptcy, the New York Times reported. However, in the event of a bankruptcy, which could happen in the coming weeks, Vice’s debtholder Fortress Investment Group could end up controlling the company.

“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. The company, its board and stakeholders continue to be focused on finding the best path for the company,” the company spokesperson told Reuters in an emailed statement.

Its potential bankruptcy comes as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market. BuzzFeed Inc, for example, recently announced it would shutter its news division.

What’s Next for Vice Media?

Vice Media was among a group of fast-rising digital media ventures that once commanded rich valuations, as they courted millennial audiences. It rose to prominence alongside its provocative co-founder, Shane Smith, who built his media empire from a single Canadian magazine.

Last week, Vice Media said it will cancel popular TV program “Vice News Tonight” as part of a broader restructuring that will result in job cuts across the digital media firm’s global news business, capping years of financial difficulties and top-executive departures.

Despite Vice’s struggles, the company has made a significant impact on the media landscape. Its unique approach to storytelling and willingness to tackle taboo subjects has earned it a loyal following. Only time will tell what’s next for Vice Media.

Key Takeaways

• Vice Media is preparing to file for bankruptcy.
• The media firm has received interest from five companies and might consider a sale to avoid bankruptcy.
• Fortress Investment Group could end up controlling the company in the event of a bankruptcy.
• Several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.
• Vice Media has canceled popular TV program “Vice News Tonight” as part of a broader restructuring that will result in job cuts across the digital media firm’s global news business.