The company has been looking for a buyer, and still might find one, to avoid declaring bankruptcy. Read more at straitstimes.com.
NEW YORK - Vice, the brash digital media disrupter that charmed giants like Disney and Fox into investing before a stunning crash landing, is preparing to file for bankruptcy, according to two people with knowledge of its operations.
A bankruptcy filing would be a bleak coda to the tumultuous story of Vice, a new media interloper that sought to supplant the media establishment before persuading it to invest hundreds of millions of dollars. Vice would continue operating normally and run an auction to sell the company over a 45-day period, with Fortress in pole position as the most likely acquirer.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement on Monday. Disney, after investing hundreds of millions in Vice, explored buying the company in 2015 for more than US$3 billion, according to the two people familiar with the conversations.
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