Media holding Vice Media Group has filed a petition with a New York court to start restructuring in a bankruptcy case. The company owns Vice and Motherboard and is considered one of the pioneers of digital media, informs CNBC channel.
After processing the application, the company is going to a consortium of creditors of the media group. It includes Fortress Investment, Soros Fund Management and Monroe Capital. The deal is valued at $225 million.
So far, Vice Media Group has received a $20 million loan from a consortium of lenders. The future owners do not want the media group’s sites to stop working. The sale process must be completed in a maximum of three months.
The first Vice site appeared back in 1999, in 2012 it was transferred to a permanent domain. Already in 2017, the media holding was estimated at $5.7 billion, Disney invested in it. Since then, however, the company’s assets have declined significantly.
This is not the first major media outlet to face serious problems in recent months. In April 2023, one of the pioneers in the field of digital journalism, the media corporation Buzzfeed announced plans to permanently close its news division and generally cut staff.
