(Jacob Bruns, Headline USA) Vice Media Group, a left-wing digital media site, has prepared to file for bankruptcy.
After months of searching for a potential buyer, the formerly successful company is considering bankruptcy as the only viable alternative, Deadline reported. The company was worth $5.7 billion in 2017.
According to the report, the company has had an extraordinarily chaotic year to date, beginning with the exit of former CEO Nancy Dubuc, who was replaced by the current leadership, Bruce Dixon and Hozefa Lokhandwala.
Further, Vice had to deal with the departure of Jesse Angelo, its former global president of News & Entertainment. The company released a statement to the New York Times, which broke the news.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” company leaders wrote, emphasizing that they are searching desperately for the best option. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
According to the Deadline report, Vice is still holding out hope that it could come to terms with a potential buyer in the coming weeks.
Vice is just the latest of the legacy media corporations to feel the sting of reality as America enters a new age of media.
From Fox News to CNN, the mainstream media is collapsing at an unprecedented rate. BuzzFeed CEO Jonah Peretti announced last December that the news company will cut 12% of its staff in a recent memo to the members of the company.
The cuts ended up being worse than initially anticipated, with the entire BuzzFeed News part of the operation being shuttered, amounting to 15% of the company’s total employees.
Perette, however, tried to soften the blow.
“It might not feel this way today, but I am confident the future of digital media is ours for the taking. Our industry is hurting and ready to be reborn. We are taking great pains today, and will begin to fight our way to a bright future,” Peretti wrote in a memo to the staff.
Disney has also struggled to turn profits as it doubles-down on pro-LGBT discourse.
