Vice Media files for Chapter 11 bankruptcy

Source: Axios

“Vice Media Group filed for Chapter 11 bankruptcy early Monday morning, marking the end of a long, strenuous effort to sell itself after its business stopped growing. It represents a significant fall from grace from what was once one of the most highly-valued media startups in the internet era. At its peak six years ago, Vice was valued at $5.7 billion. In the past year, Vice struggled to find bidders willing to pay nine figures. … In a filing with the Southern District of New York Monday, Vice said it has agreed to an asset purchase agreement [with] a consortium of lenders that had previously lent it money.” (05/15/23)