Vice Media, which once paraded itself as the hip “go-to” publication for the “cool crowd,” is now preparing to file for bankruptcy amid dwindling interest and ad revenue.
Vice, which was once valued at $5.7 billion, is now struggling to find a buyer, but the chances are becoming increasingly remote.
The decline comes just weeks after BuzzFeed News announced its closure and three months after far-left Vox laid off 130 people.
The trend shows the world is rejecting ‘woke’ propaganda as more and more people rage against left-wing drivel.
If Vice fails to find a buyer, its largest debtholder, Fortress Investment Group, could end up controlling the company.
As the Daily Mail reports:
Fortress holds senior debt, which means it is first in line for a payout. Other investors – among them Disney – have already written down their investments and are not getting their money back, sources told the paper.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement on Monday.
“The company, its board, and stakeholders continue to be focused on finding the best path for the company.”
Vice boasted 3,000 employees worldwide with over a dozen websites, two shows on HBO, an ad agency, a record label, and a bar in London.
However, in recent years the Vice lost its footing as more readers rejected its content, and is now preparing for bankruptcy.
Vice CEO Shane Smith stepped down in 2018 after The New York Times published an expose of sexual misconduct within the company.
READ: Disney Lost over a Quarter of a Billion Dollars in 2022 from Two Woke Movies