Vice heading for bankruptcy after once being worth $5.7bn, reports say
Vice, once heralded as the insurgent leader of a new generation of media companies, is heading for bankruptcy, according to The New York Times.
Two people familiar with Vice operations told the paper the media company is looking for a buyer. Otherwise, the company will have to file for bankruptcy, the unnamed sources said.
The media company, which got its start as a Canadian alternative publication, eventually became a digital powerhouse known for its in-your-face, youth-focused stories about politics, music, and culture, told across a constellation of websites, films, podcasts, TV shows, and the flagship magazine.
A 2017 investment round led by TPG valued the company at $5.7bn.
This is a breaking news story and will be updated with new information.