:strip_icc():format(jpeg)/kly-media-production/medias/2796336/original/085534400_1556988139-blurred-background-cellphone-communication-1092671.jpg "Vice Media files for bankruptcy and files for protection in New York court")
Liputan6.com, Jakarta U.S.-Canadian digital media outlet Vice Media has filed for Chapter 11 bankruptcy, according to court documents and a statement from the company.
Launch CNN Business, On Tuesday (5/16/2023), media companies including Vice, Motherboard and Refinery29 filed for Chapter 11 bankruptcy in the Southern District of New York.
The filing says the company has between $500 million and $1 billion in assets and debt.
Meanwhile, a number of creditors, including Fortress Investment Group, Soros Fund Management and Monroe Capital, have made substantial conditional offers for all of the company’s assets, according to Vice.
The sale process, which will be completed within the next two to three months, will allow other parties to submit a “higher or better offer” for the company, he added.
Meanwhile, other international outlets, namely Vice and Vice TV, were not part of the process of filing for bankruptcy or Chapter 11 sale.
Vice Media’s plan to sell comes weeks after the company announced a major restructuring that will see dozens of layoffs and the end of its popular programming.”Vice News Tonight.”
U.S. news, entertainment and technology platforms have been hit by declining advertising revenue in recent months, leading to staff reductions and the closure of unprofitable divisions.
In April 2023, similar platform Buzzfeed also announced it would be closing its news division, and last week Paramount Media took a break from MTV News.
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