Vice Media is reportedly getting ready to declare bankruptcy after it seemed like there would be no takers for a business that was once valued at $5.7 billion.
More than five businesses have indicated interest in buying Vice, although the likelihood of a deal is viewed as dwindling.
Vice’s decrease comes less than a week after BuzzFeed News announced its shutdown and three months after Vox fired 130 employees, or 7% of its workforce.
Vice’s largest debtholder, Fortress Investment Group, may wind up in control of the business if a buyer cannot be found.
Vice would carry on as usual while holding a 45-day auction to sell the business.
Shane Smith, Gavin McInnes, and Suroosh Alvi established Vice Media in Montreal, Canada, as a punk magazine in 1994.
The publication immediately established a reputation for its irreverent and daring articles about rock ‘n’ roll, drugs, and sex.
Vice evolved into digital media as the internet gained in popularity, creating video documentaries and other material for a worldwide audience.
The business expanded quickly, bringing in investors like 21st Century Fox and Disney, as well as entering new sectors including cable television and branded content.
However, the business’s quick expansion was accompanied by a number of controversies, such as claims of sexual harassment and a toxic workplace environment.
In addition, Vice came under fire for how it handled delicate subjects like drug use and mental health, with some charging that the organization glamorized risky conduct. In recent years the company had also been criticized for its far-left bias in reporting.
Vice announced a big layoff of 10% of its personnel in 2019, or over 250 people, claiming the need to refocus on its core content offerings as the reason.
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