Vice's sale, which must next be approved by a federal judge, will help bring the firm out of Chapter 11 bankruptcy. The $350 million figure represents just five percent of Vice's reported 2017 valuation of around $5.7 billion, marking a sharp turnaround in fortunes.Īt the time, Vice embodied a new generation of digital media company, which some saw as revolutionizing the sector at the expense of the established print and broadcast players.īut many digital media startups were unable to convert enthusiasm for their brand into the kinds of revenues that investors had projected.Ī slowdown in the online advertising market and recent tightening of credit conditions have made the situation increasingly challenging for relatively young media companies like Vice.īuzzFeed, another former leader in the digital media space, announced in April the closure of its news wing, and the layoff of 180 employees.
Vice Media Group's co-CEOs, Bruce Dixon and Hozefa Lokhandwala, told staff they will recommend the bid by Fortress, Soros Fund Management and Monroe Capital to a specialized federal court in New York on Friday, according to an internal staff memo seen by AFP.
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