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Vice Media is preparing to file for bankruptcy – NYT

May 1 (Reuters) – Vice Media Group, the company behind popular media sites such as Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported on Monday, citing people with knowledge of the business.

The media company has received interest from five companies and may consider a sale to avoid bankruptcy, the NYT report said, adding that in the event of a bankruptcy, which could happen in the coming weeks, Vice̵[ads1]7;s debt holder Fortress Investment Group could end up with to control the company. company.

“Vice Media Group has been engaged in a comprehensive evaluation of strategic options and planning. The company, its board and stakeholders continue to be focused on finding the best path forward for the company,” a company spokesperson told Reuters in an emailed statement.

The potential bankruptcy comes as several other media and technology firms have had to scale back in recent months due to a challenging economy and a weak advertising market.

Earlier this month, BuzzFeed Inc ( BZFD.O ) said it would shutter its news division, which became known for its irreverent and investigative coverage but ultimately succumbed to the challenges of its digital-first business model.

Last week, Vice Media said it will cancel the popular TV show “Vice News Tonight” as part of a broader restructuring that will result in cuts to the digital media company’s global news business, capping years of financial difficulties and top executive departures.

Vice Media was among a group of fast-growing digital media ventures that once commanded rich valuations as they courted millennial audiences. It rose to prominence with its provocative co-founder, Shane Smith, who built his media empire from a single Canadian magazine.

Reporting by Baranjot Kaur in Bengaluru

Our standards: Thomson Reuters Trust Principles.

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