Vice, an American-Canadian digital media and broadcasting firm once valued at nearly 6 billion dollars, is reportedly preparing to file for bankruptcy, according to a New York Times report.
The company is reportedly in talks with at least five firms in an attempt to avoid filing for bankruptcy, the NYT reported. Vice News, Motherboard, Refinery29 and Vice TV are among the assets of the company.
This comes a week after the company announced its decision to cancel its popular Vice News Tonight, a move which led to many layoffs. The company’s restructuring of global operations hit its Asia-Pacific newsroom.
Vice Asia-Pacific editor Alastair McCready had earlier tweeted, “Our APAC team has been decimated amid widespread layoffs today at VICE World News. A sad day for us all, but that means some of these fantastic reporters and editors in Hong Kong, Thailand, Pakistan, India, Singapore, the Philippines, Australia & Japan are available.”
The closure of VICE's APAC newsroom is a devastating loss in a region that desperately needs more global media attention. Our small team covered 60% of the world. There are so many stories here that deserve to be heard.
— Gavin Butler (@gav_butler) May 1, 2023
Got laid off by Vice today & while I have a lot of misgivings about how it all (dramatically) turned to dust, I'll turn to the brilliant journalists at the now defunct @VICEWorldNews APAC newsroom who created something extraordinary from scratch and made it all really worth it... pic.twitter.com/MClTFL4n10
— Pallavi Pundir (she/her) (@pallavipundir) April 28, 2023
“We are transforming Vice News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most,” co-CEOs Bruce Dixon and Hozefa Lokhandwala had said in a memo to staff, according to a Wall Street Journal report last week. They cited the need for a transition toward platforms such as Paramount Global’s Paramount+ with Showtime, free ad-supported streaming channels as well as YouTube and TikTok, among others, according to the report.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement on Monday, according to the NYT. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
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