Vice Media is preparing to file for bankruptcy, reports The New York Times. Once valued at $5.7bn, its potential buyers now wait and wheel above.
The media firm has received interest from five companies and might consider a sale to avoid bankruptcy, the NYT report said, adding that in the event of a bankruptcy, which could happen in the coming weeks, Vice's debtholder Fortress Investment Group could end up controlling the company.
Its potential bankruptcy comes as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.
Earlier this month, BuzzFeed Inc (BZFD.O) said it would shutter its news division, which gained renown for its irreverent and probing coverage, but ultimately succumbed to the challenges of its digital-first business model.
Vice describing its guts finally dropping out its ass as a "comprehensive evaluation of strategic alternatives and planning" sums up the media life cycle nicely.
