Vice Media is reportedly heading for bankruptcy after laying off several employees. As per latest reports, if the digital media entity fails to buy a buyer, it may go ahead and file for bankruptcy.
According to a report in The New York Times, Vice Media may file for bankruptcy in the coming weeks. However, the exact potential of the bankruptcy is not yet known, even from sources.
The report adds that Vice Media has been struggling to find a buyer and is looking for one only to avoid declaring bankruptcy. However, if Vice Media doesn’t end up finding a buyer in the coming days, it will file for a bankruptcy – all this on the backdrop of its rich history of charming investors like Disney and Fox.
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However, if Vice Media files a bankruptcy, its largest debtholder, Fortress Investment Group could reportedly end up controlling the company. The report adds that Vice Media may however, continue operating normally and run an auction to sell the company over a 45-day period. In this, Fortress is reportedly most likely expected to be the acquirer.
According to ANI, Vice Media said in a statement, “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.”
Before any of this, even Disney reportedly considered buying the company in 2015 for more than $3 billion, the report mentions.
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