We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at Vice. “We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. ![]() "This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes Vice such a trusted brand for young people and such a valued partner to brands, agencies and platforms. "Vice serves a huge global audience with a unique brand of news, entertainment and lifestyle content," Bruce Dixon and Hozefa Lokhandwala, Vice’s co-chief executives, said. It added it expects to receive court approval for these requests. ![]() Last week, BuzzFeed, which has a market value of $75m after a disastrous initial public offering last year, announced the closure of the remainder of its once highly lauded BuzzFeed News operation and that it was cutting 180 staff across the rest of the business.It said it has filed several customary first day motions with the court seeking authorisation to support its operations during the court-supervised sale process, including the continued payment of employee wages and benefits without interruption and payment to vendors and suppliers on normal terms for goods and services provided on or after the filing date. Vice was among a generation of fast-rising digital media upstarts such as BuzzFeed that once threatened to supplant legacy media companies with the recipe for attracting millennial audiences. Disney wrote off its $400m investment in Vice as worthless in 2019. James Lynch Reporter J10:15 AM ET Font Size: Bankrupt left-wing media company Vice Media continued to pay its diversity chief six figures as the company spiraled toward bankruptcy, according to a Monday court filing. The promise of successfully tapping the media habits of a global youth audience attracted hundreds of millions of dollars of investment from companies including Disney, which explored a $3bn-plus deal to buy Vice in 2015. Media mogul Shane Smith just made real estate history in Pacific Palisades, unloading his prized compound for 48.67 million an all-time record for the coastal. Group Black, Co-Founded By Richelieu Dennis, Places 400M Bid. Vice, which began as a punk magazine in Montreal almost three decades ago, expanded into digital media and TV striking deals with companies including Sky and HBO. “The company, its board and stakeholders continue to be focused on finding the best pathway for the company.” “Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” the company said in a statement. If a sale cannot be agreed – suitors are said to be seeking a sub-$1bn deal – a bankruptcy process would result in Vice continuing to operate normally while an auction process is run. The same month, Nancy Dubuc, who took over as chief executive from controversial co-founder Shane Smith in 2018, announced her surprise departure. ![]() In February, Fortress Investment Group, the company’s debt holder, extended a $30m funding line to enable Vice to pay overdue bills to vendors. Last week, the company – which has been evaluating its future since plans to float using a special purpose acquisition vehicle (Spac) collapsed two years ago – announced it was cancelling its popular Vice News Tonight as part of a restructuring that could result in more than 100 staff being made redundant. Vice, which hit a valuation of $5.7bn in 2017 as media giants including Rupert Murdoch, WPP and Disney clamoured for a slice of its youth appeal, has been seeking a sale at a price tag of about $1.5bn.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |