Well, it looks like Vice, the wild and crazy digital-media company that once had Disney and Fox eating out of its hand before crashing and burning, is about to go bankrupt.
According to some insiders in the know, they could be filing for bankruptcy any day now.
Apparently, Vice has been trying to find a buyer to avoid the whole bankruptcy thing, but it’s not looking good.
Only a handful of companies have shown any interest, and even they seem to be losing interest fast.
It’s a sad end to the story of Vice, the new-media upstart that wanted to take down the establishment before the establishment decided to throw a bunch of money at them.
At one point, Vice was worth billions.
If Vice does file for bankruptcy, Fortress Investment Group, their biggest creditor, could end up owning the company.
Meanwhile, Disney, who invested a ton of money in Vice, is probably feeling pretty foolish right about now.
What a shame.
Vice started out as a scrappy little punk magazine in Canada, but it grew into a global media behemoth with a movie studio, an ad agency, and even a fancy show on HBO.
Disney even thought about buying them for a cool $3 billion a few years back, but that never happened. I guess Vice just couldn’t make enough money to stay afloat.
They’ve been hemorrhaging cash for years and have had to lay off employees left and right. It’s almost like they were trying to run a business, but they forgot to actually make any money.
Source: The New York Times
