Another far-left media outlet has taken the fall after reports say that Vice Media is likely shutting down.
According to reports, Vice Media has struggled to court investments from the likes of Disney and Fox as well as attract potential buyers for its “woke” radical content.
“The VICE Board of Directors is undertaking a comprehensive review of options, including a potential sale of the company, and has engaged a range of advisors to assist in that effort. We’re excited about the response thus far – which reflects the unique power and value of the VICE brand and the opportunity for long-term growth and success,” the company said in a statement.
While there is still a chance that Vice will find a last-minute buyer, at least five potential prospects have turned down the offer after looking into the company’s financials. Vice’s representatives predict that any sale will now bring in less than $1 billion at a bargain price.
Fortress Investment Group, the company’s majority owner, has been leading the fire sale as it attempts to recoup expenses after providing Vice with a $30 million lifeline earlier this year.
As bankruptcy approaches, Vice has also brought in Mo Meghji — former Sears and Barney’s Chief Restructuring Officer — to the board. The move demonstrates a new level of desperation and increases the probability that Vice will be divided into pieces and sold off, wiping out stockholders. Prior to this, Vice hired FTI and AlixPartners to investigate restructuring, whom they are now suing.
Vice is the second news outlet to collapse recently after fellow far-left news outlet BuzzFeed News announced its closure last month due to its parent company, BuzzFeed, losing upwards of $10 million per year on its news division.
“We are reducing our workforce by approximately 15 percent today across our Business, Content, Tech and Admin teams, and beginning the process of closing BuzzFeed News,” BuzzFeed CEO Jonah Peretti said in a memo sent to company staff.
One of the reasons for BuzzFeed News’ downfall could be linked to its costly “union,” which they ironically claimed has helped the company build a “stronger newsroom while staying nimble.” Last year, the “union” began a strike as the business was already having trouble turning a profit.
