Vice Preparing To File For Bankruptcy

Soros has spent billions to support liberal causes, but his recent losses suggest his money may be running out.

The company is still looking for a buyer to avoid bankruptcy. According to someone who was briefed about the discussions, more than five companies expressed interest in purchasing Vice. Vice's bankruptcy would be an appropriate end to Vice's turbulent story. Vice was a new media Phoenix, which rose from the ashes of its counterculture, iconoclastic facade. It then sought to replace the established media before convincing it to invest hundreds and millions of dollars. After a funding round by the private equity firm TPG in 2017, Vice was valued at $5.7 billion. Vice's biggest debtholder, Fortress hegde funds, will most likely control the company when Vice files. Fortress, unlike Vice's other investors which included Disney and Fox in Vice, holds senior debt. This means that it will be paid first if the company is sold. Vice Media Group is engaged in an extensive evaluation and planning of strategic options, Vice announced in a Monday statement. Vice was founded in Montreal as a punk publication more than 20 years ago. It has grown into a global company that includes a movie studio and ad agency. They also have a glossy HBO show, as well as offices in many capitals around the world. Vice succumbed, after it failed to convince an investor to buy it, to the bearish market in digital media. We reported last week that Vice World News was closing. This global reporting initiative covered human rights abuses and world conflict. Vice's leadership has been changing as it sought to find a buyer over the past few months. Nancy Dubuc left the company this year, after almost five years. Smith co-founded Vice in 1994 with Suroosh Alvi, Gavin McInnes and Gavin McInnes as a magazine. For $50 million. Soros's money has also run out

May 2, 2023