Vice heading for bankruptcy after once being worth $5.7bn, reports say

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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.