Vice Media heading for bankruptcy

Vice Media, a Canadian-American digital media and broadcasting company is planning to prepare for bankruptcy.

Founded back in 1994 as an alternative punk magazine, Vice is preparing to file for bankruptcy. As Vice announced to their employees that they were closing Vice World News last week, the company took a blow in workforce.

The company has evolved over the years from publishing magazines to being a media company with a movie studio, an advertising agency, and an HBO show. The company tried to work out a deal with Disney but it never materialized. Vice then struggled for years to turn a profit, incurring losses and firing staff members.

The company has been searching for a buyer to their company, but have yet to find one. Disney and Fox are among Vice’s investors, but should the bankruptcy proceed, Fortress Investment Group—Vice’s largest creditor—might take over the business.