Known for its edgy news and lifestyle content, Vice had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank.
Vice Media, once the darling of the digital news media world, said on Monday it had filed for Chapter 11 bankruptcy protection to facilitate its sale.
The consortium had submitted a credit bid of about US$225 million "for substantially all of the Company's assets, in addition to the assumption of significant liabilities upon closing," Vice said. In 2017, Vice Media was valued at US$5.7 billion — more than the market capitalisation of The New York Times at the time.
"Vice serves a huge global audience with a unique brand of news, entertainment and lifestyle content," Vice's co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a statement. Vice was founded in 1994 as a Canadian magazine and grew into an online media group with news websites and television operations.
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