Vice files for bankruptcy, the latest digital-media pioneer to fall
5/15/23
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from The Washington Post,
5/15/23:
The once highflying Vice Media Group filed for bankruptcy protection Monday, kick-starting a court-supervised reorganization process that the company said in a statement would prepare it for a sale.
The Chapter 11 filing follows successive rounds of grueling layoffs at the former media giant, which at one time was valued at more than $5 billion. But after its early success with a digital-first model — heralded as the industry’s future — Vice has struggled financially in recent years.
“To facilitate the sale, VICE has filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York,” the company said in a statement Monday.
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