We acknowledge the significance of your online privacy and acknowledge that granting us permission to collect some personal information requires a great deal of trust. We seek this consent as it enables Distinct Post to offer a platform that amplifies the voices of the marginalized. By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Distinct PostDistinct Post
Aa
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Reading: Vice Media reportedly headed for bankruptcy after staff cuts: NYT report
Share
Aa
Distinct PostDistinct Post
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Search
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Follow US
Distinct Post > Entertainment > Vice Media reportedly headed for bankruptcy after staff cuts: NYT report
vice-media-reportedly-headed-for-bankruptcy-after-staff-cuts
Entertainment

Vice Media reportedly headed for bankruptcy after staff cuts: NYT report

Kelly Tyler Published May 2, 2023
SHARE

Vice Media is preparing to file for bankruptcy, restricting the rapid fall of a former industry darling that attracted investment from the World’s largest entertainment firms.

The online media company has been looking for a buyer but is now preparing for a possible bankruptcy filing in the coming weeks, said a person familiar with the discussion, confirming a New York Times report.

The decision comes about a week after the well-regarded TV and online video outlet laid off staff and canceled its flagship program Vice News Tonight.

Vice, which operates a cable channel of the same name and creates documentaries and other video content for its outlets and others, was once valued at $5.7 billion. Investors included Walt Disney Co. and Fox Corp., although their equity may now be worthless, the person said, asking to remain anonymous discussing private negotiations. Its largest debt holder is Fortress Investment Group, according to the newspaper.

Vice 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.”

a spokesman said in a statement.

The company’s rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy and route marketing toward tech platforms from Facebook and Google to TikTok.

Journalism can be more expensive than other forms of online content, making the business an easy target for cost-cutting. In recent weeks, BuzzFeed Inc. shut down its news operation, and online publisher Insider Inc. said it’s cutting about 10 percent of staff.

Vice News Tonight started in 2016 as a newscast on HBO and won acclaim for its coverage of a white nationalist rally in Charlottesville, Virginia. HBO ended that partnership in 2019. Recently, the show aired on Vice TV, the company’s cable channel.

You Might Also Like

Travis Kelce Opens Up About Future Plans with Taylor Swift on New Podcast Episode

Prince William Soars Again in Army Air Corps Visit, Honors Aviation Heritage

Dakota Johnson and Chris Martin End 8-Year Relationship, Call Off Engagement

Joe Alwyn’s Subtle Nod to Taylor Swift’s Masters Victory Sparks Fan Speculation

‘Adolescence’ Star Owen Cooper Opens Up About What He Dislikes Most About America

Kelly Tyler July 19, 2023 May 2, 2023
Popular News
former-chinese-premier-li-keqiang-dies-at-68-cause-disclosed
China

Former Chinese Premier Li Keqiang dies at 68, cause disclosed.

Kelly Tyler Kelly Tyler October 27, 2023
Ukrainian President Zelensky Denies Alleged Drone Attack on Kremlin Targeting Putin
Arnold Schwarzenegger Reflects on His Enduring Love with Girlfriend Heather Milligan
Sydney Sweeney Unveils Custom-Designed Ford Mustang in Unique Collaboration
Trump Seeks Trade Deal with China Amid Ongoing Trade War: What’s Next for US-China Relations?

Categories

  • Market
  • Tech
  • Fitness
  • Food
  • Celebrity
  • Fashion
  • Beauty
  • Football
  • Cricket
  • Entertainment
    • Celebrity
    • Movies
    • Television
  • Style
    • Arts
    • Beauty
    • Fashion
  • Health
    • Fitness
    • Food
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Olympics
  • Business
    • Market
    • Tech
Useful Links
  • About us
  • Privacy policy
  • Term Of Use

2023 © Distinct Post News & Media. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?