Vice is bankrupt

Vice Media, once touted as a $5.7 billion-dollar company, is no longer able to service its debts and has declared bankruptcy. The filing enables its sale to the private equity vultures wheeling overhead.

Vice is one of several digital media and technology firms forced to restructure this year amid a sluggish economy and weak advertising market. Buzzfeed last month shuttered its news division and announced substantial layoffs.

Launched in Canada in 1994 as a fringe magazine, Vice expanded around the world with youth-focused content and a prominent social media presence. It endured several years of financial troubles, however, as tech giants such as Google and Meta vacuumed up global ad spend.

Good news is that the magazine and sites will continue to operate, so there's no immediate firings beyond the layoffs already announced.