Vice Media, once worth $5.7 billion, files for bankruptcy
The punk media startup known for its provocative visual storytelling and explicit voice, will be bought by some of the company's leaders for $225 million and the assumption of significant liabilities.
Updated May 15, 2023 at 12:54 PM ET
Vice Media, the edgy digital media startup known for its provocative visual storytelling and punchy, explicit voice, filed for Chapter 11 bankruptcy early Monday.
A group of Vice lenders is set to purchase the embattled company's assets for $225 million and take on significant liabilities, listed at $500 million to $1 billion, according to the in a New York federal court. That group, which includes Fortress Investment Group and Soros Fund Management, lent it $20 million to keep it afloat during the sale process, during which other lenders can make higher bids.
