Once Valued at Nearly $6 Billion, Vice Media Reportedly Headed for Bankruptcy 

 
Shane Smith

AP Photo/The Canadian Press, Nathan Denette

Vice Media will file for bankruptcy, the New York Times reported on Monday.

The Times cited two people familiar with the matter.

The company was founded by Shane Smith, Gavin McInnes, and Suroosh Alvi, who began publishing Vice magazine in the mid-1990s before establishing a large online presence. Like many digital media companies that have since flamed out, Vice notched an eye-popping valuation in the 2010s. At one point in 2017, the company was valued at $5.7 billion, but the Times notes that “it’s worth a tiny fraction of that.”

“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement released Monday. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”

The Times reported:

The company has been looking for a buyer, and still might find one, to avoid declaring bankruptcy. More than five companies have expressed interest in acquiring Vice, according to a person briefed on the discussions. The chances of that, however, are growing increasingly slim, said one of the people with knowledge of the potential bankruptcy.

Vice is poised to be just the latest casualty in the digital media world. Last month, BuzzFeed News – formerly a content behemoth – announced it will shut down.

Vice has conducted multiple rounds of layoffs in recent years while failing to be profitable. Earlier this year, CEO Nancy Dubuc exited the company after nearly five years while Jesse Angelo, its former global head of news and entertainment, also left.

CORRECTION: This article originally stated BuzzFeed is shutting down. It has been amended to indicate that BuzzFeed News is shuttering. 

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Mike is a Mediaite senior editor who covers the news in primetime. Follow him on Bluesky.