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{"id":32128,"date":"2023-05-15T21:47:12","date_gmt":"2023-05-15T21:47:12","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/"},"modified":"2023-05-15T21:47:13","modified_gmt":"2023-05-15T21:47:13","slug":"after-a-29-year-run-vice-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/","title":{"rendered":"After a 29-year run, Vice files for bankruptcy"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/<\/a><\/br>
\nAfter a 29-year run, Vice files for bankruptcy<\/br>
\n2023-05-15 21:47:12<\/br><\/p>\n

\n

Vice was valued at $5.7 billion<\/a> just six years ago, eyeing a potential IPO. Now, the trendsetting media company has filed for Chapter 11 bankruptcy.<\/p>\n

The company\u2019s lenders \u2014 Fortress Investment Group, Soros Fund Management and Monroe Capital \u2014 have agreed to purchase the company for $225 million. That\u2019s only about 4% of the company\u2019s 2017 valuation. Vice also has the right to sell to a higher bidder.<\/p>\n

\u201cThis accelerated court-supervised sale process will strengthen the company and position VICE for long-term growth,\u201d said Bruce Dixon and Hozefa Lokhandwala, VICE\u2019s co-CEOs, in a <\/span>press release<\/a>. \u201c<\/span>We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business.\u201d<\/span><\/p>\n

This unfortunate turn of events for Vice has only darkened the storm cloud over the digital media industry. In the last month alone, the Pulitzer Prize-winning BuzzFeed News was shuttered as part of layoffs<\/a> that impacted 15% of the company. MTV News was also just shut down as part of cuts that impacted 25% of workers at its parent company, Paramount. As for Vice itself, the company recently cancelled its TV program, \u201cVice News Tonight,\u201d as well as verticals like Vice World News, Vice Audio and Waypoint.<\/p>\n

Vice\u2019s financial issues are not a pure reflection of the media business at large, though. A combination of bad management choices in the \u201cpivot-to-video<\/a>\u201d era, as well as the company\u2019s overall \u201cboy\u2019s club\u201d work environment, created a perfect storm for the Vice\u2019s decline. The company made severe managerial missteps<\/a> and allegedly fostered a culture of sexual harassment<\/a>. When these allegations were made public, founder and CEO Shane Smith stepped down, though he claimed to not know that president Andrew Creighton reportedly paid off an employee to settle a sexual harassment claim; Smith\u2019s successor, Nancy Dubuc, stepped down abruptly<\/a> this February amid the company\u2019s financial turmoil. Meanwhile, Vice co-founder Gavin McInnes, who left the company in 2008, went on to start the Proud Boys, a far-right group.<\/p>\n

According to Vice\u2019s financial reporting, the company has about $834 million<\/a> in debt. During the sale process \u2014 which the company believes will take a few months \u2014 Vice will have access to more than $20 million in financing from its lenders to continue operations.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/ After a 29-year run, Vice files for bankruptcy 2023-05-15 21:47:12 Vice was valued at $5.7 billion just six years ago, eyeing a potential IPO. Now, the trendsetting media company has filed for Chapter 11 bankruptcy. The company\u2019s lenders \u2014 Fortress Investment Group, Soros Fund Management and Monroe Capital \u2014 have agreed to purchase the […]<\/p>\n","protected":false},"author":1,"featured_media":32129,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-32128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nAfter a 29-year run, Vice files for bankruptcy - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"After a 29-year run, Vice files for bankruptcy - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/05\/15\/after-a-29-year-run-vice-files-for-bankruptcy\/ After a 29-year run, Vice files for bankruptcy 2023-05-15 21:47:12 Vice was valued at $5.7 billion just six years ago, eyeing a potential IPO. 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