Vice Media Group, a Trump-hating, far-left media company is reportedly preparing to file for bankruptcy.
Vice was founded in Montreal in 1994 by Shane Smith. In 2017, the company was valued at $5.7 billion and had 3,000 employees around the world.
In 2018, however, Smith stepped down as CEO after Vice reportedly missed its annual revenue target by $100 million, and after reports surfaced of sexual misconduct within the company.
Smith was replaced by Nancy Dubuc, who left the company this year. Dubuc was replaced by Bruce Dixon and Hozef Lokhandwala who worked as co-CEOs.
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When the pair took on their new roles, they said, “We’re both passionately committed to bringing the brand, business operations, and creative spirit of Vice forward into the future, and we’re excited and grateful for this opportunity to continue to work closely with the board and VMG’s exceptional management team… We look forward to building on its success as we chart the next exciting chapter for the company.”
Now, just months after Dixon and Lokhandwala stepped into their roles as co-CEOs, the company faces bankruptcy.
The media company, which has received interest from five companies, could sell in order to avoid bankruptcy. However, if Vice is unable to secure a buyer, its largest debtholder, Fortress Investment Group, could take control of the company.
If this were to happen, the company would continue to run normally and, over a 45-day period, an auction would be held to sell the company.
According to the NYT piece, the chances of a sale are “increasingly slim.”
A company spokesperson for Vice released a statement on Monday that said, “Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. The company, its board and stakeholders continue to be focused on finding the best path for the company.”
This news comes just one week after left-leaning media company Buzzfeed News announced its closure. Meanwhile, other liberal media companies such as ESPN, ABC, NPR, and Vox have also been facing financial issues that have forced them to conduct major layoffs