Vice Media Group introduced layoffs after cancelling its standard TV program, Vice News Tonight and applied a broader restructuring plan. (Image: Vice News)
The Vice Media Group, valued at $5.7bn in 2017, is reportedly making ready to file for chapter
Vice Media Group is making ready to file for chapter, the New York Times stated in a report on Monday, citing individuals accustomed to the developments. Vice Media Group additionally not too long ago shuttered its Vice News Tonight and Vice World News.
The Vice Media Group was standard for its documentaries and standard media web sites reminiscent of Vice and Motherboard. The information of Vice Media Group’s chapter comes amid information of media layoffs and closures, together with the closure of BuzzFeed News.
At least 5 corporations are excited about Vice and it would take into account a sale to keep away from chapter, the report stated. It additionally stated that if it had been to go bankrupt then it could occur within the subsequent few weeks and Vice’s debt holder Fortress Investment Group could find yourself controlling the corporate.
The report additional added that within the occasion of chapter the corporate would nonetheless proceed to function usually.
A spokesperson for Vice stated that the media group stays “engaged in a comprehensive evaluation of strategic alternatives and planning” and that the “ board and stakeholders continue to be focused on finding the best path”.
Due to an financial downturn and weak promoting market, the journalism business the world over has been downsizing within the current months signalling a difficult second for media and expertise companies.
BuzzFeed News stated it can shutter its information division. BuzzFeed and Vice News had been successful amongst millennials due to the offbeat content material and casual presentation of reports.
However, these two media teams confronted challenges as they may not meet the challenges posed by a digital-first enterprise mannequin.
Vice Media knowledgeable final week that its standard TV program Vice News Tonight shall be cancelled due to a broader restructuring plan and that it could entail job cuts throughout the digital media agency’s international information enterprise.
Years of monetary difficulties and top-executive departures additionally was one of many causes. The experiences identified that greater than 100 workers could be laid off within the restructuring course of.
Vice was valued $5.7bn in 2017 and was one of many fast-rising digital media ventures.
Founders Shane Smith, Gavin McInnes and Suroosh Alvi based the corporate which was as soon as a small journal in Canada. McInnes parted methods with Vice and based the Proud Boys, a far-right group whose leaders face fees for instigating the January 6 Capitol Hill riots.
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