Close Menu
CryptoHoppers.comCryptoHoppers.com
    What's Hot

    What is Ethereum? The world’s second largest cryptocurrency.

    January 4, 2025

    Unveiling Shipyard: Empowering NFT Creators with Open-Source Solidity Contracts | NFT CULTURE | NFT News | Web3 Culture

    October 25, 2023

    ARK Invest removes staking feature from its Ethereum spot ETF filing

    May 11, 2024
    Facebook X (Twitter) Instagram
    • Privacy Policy
    • Get In Touch
    Facebook X (Twitter) Instagram
    CryptoHoppers.comCryptoHoppers.com
    • News

      8,000 Bitcoins awaken after 5 years – Whale strategy or ETF play?

      June 14, 2025

      Bitcoin’s High Euphoria Spurs UK Company’s $4.7 Million Buy

      June 12, 2025

      Why are altcoins like Axelar, Aave, Uniswap, Pepe going up today?

      June 10, 2025

      XRP Price Watch: RSI Neutral, MACD Turns Bullish in a Tight Range Battle

      June 9, 2025

      Bitcoin At A Crossroads: $97,000 Cost Basis Holds Key To Next Breakout

      June 8, 2025
    • Technology

      Small caps, big moves: These altcoins outshine Bitcoin

      June 14, 2025

      Comment on Hacker Behind $2M Crypto Hack Offered Role by Targeted Protocol by James Cyrus

      June 13, 2025

      Uniswap (UNI) Gears for Rally as $10.35 Resistance Becomes Make-or-Break Level

      June 12, 2025

      The Blockchain Group Pushes Institutional Crypto Wave in Europe

      June 11, 2025

      best altcoins to buy now

      June 10, 2025
    • Learn/Guide

      Invesco, Galaxy Digital file to launch Solana ETF in Delaware amid SEC approval buzz

      June 14, 2025

      Cardano founder Charles Hoskinson proposes converting $100M ADA to Bitcoin and stablecoins

      June 13, 2025

      BlackRock targets to become world’s largest crypto asset manager by 2030

      June 12, 2025

      Nasdaq-listed Interactive Strength plans to invest $500M in Fetch.ai’s FET token to build an AI-focused crypto treasury

      June 11, 2025

      Eric Trump-backed American Bitcoin discloses 215 BTC holdings

      June 10, 2025
    • NFTs

      1mouth Analog: miirror’s Raw Leap from Digital to Handmade Chaos | NFT CULTURE | NFT News | Web3 Culture

      May 9, 2025

      NFTCulture Expands Into TCGs with Cardcore.xyz: Where Digital Collectibles Meet Competitive Play | NFT CULTURE | NFT News | Web3 Culture

      May 8, 2025

      From Moonshots to Broken Links: The Rise and Fall of CloneX | NFT CULTURE | NFT News | Web3 Culture

      April 24, 2025

      Pacific Spirit: Vinyl Meets Code in a Groundbreaking Generative Drop on Art Blocks | NFT CULTURE | NFT News | Web3 Culture

      April 16, 2025

      Daizen: Elevating the NFT Multiverse on Apechain Blockchain | NFT CULTURE | NFT News | Web3 Culture

      December 5, 2024
    • Regulation

      SEC Drops Binance Lawsuit: How Regulatory Clarity Could Spark a BNB Price Rally

      May 30, 2025

      Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

      March 31, 2025

      Utah Moves Closer To Bitcoin Reserve As Bill Advances To Senate Standing Committee

      February 23, 2025

      Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

      January 26, 2025

      MicroStrategy May Face Tax Issues Over $19 Billion Unrealized Bitcoin Gains: Report

      January 25, 2025
    • Business

      Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments

      November 17, 2024

      Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

      November 16, 2024

      Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

      November 15, 2024

      Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

      November 14, 2024

      Brazil Prepares to Let Tradfi Institutions Embrace Crypto

      November 13, 2024
    • Live Pricing
    CryptoHoppers.comCryptoHoppers.com
    Home » Vice Media Files for Chapter 11 Bankruptcy
    Regulation

    Vice Media Files for Chapter 11 Bankruptcy

    May 15, 20233 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Vice Media Files for Chapter 11 Bankruptcy
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Before this announcement, Vice Media had begun to restructure its global organizational workforce.

    American-Canadian digital media company Vice Media Group has filed for Chapter 11 bankruptcy after several years of financial struggle. The company, which was valued at $5.7 billion in 2017, is currently worth less than $1 billion. Top executives of the media giant have failed to give any detailed evaluation of the company’s net worth.

    Vice Media’s lenders are planning to take on administrative control of the company through necessary filings. These lenders include Fortress Investment, Soros Fund Management, and Monroe Capital. About five companies have previously shown interest in purchasing the media company.

    Vice Media Bankruptcy Filings

    Vice Media has completed filing for Chapter 11 bankruptcy with the US Bankruptcy Court for the Southern District of New York. After the approval of the application, interested parties can bid for the company. The inclusion of credit bids will allow the new administrators to swap secured debt for company assets instead of paying in cash. Notably, the consortium’s bid includes a commitment fee of $20 million in cash to cater to the company’s daily activities throughout the sale process. The sale process is expected to last for 2-3 months.

    The bankruptcy filing covers Vice Media’s multi-platform media brands like Vice News, Vice TV, Pulse Films, Virtue, Refinery29, and i-D. It does not include Vice’s international entities and Vice TV’s joint venture with A&E.

    During a short interview with Vice Co-CEOs, Bruce Dixon and Hozefa Lokhandwala, it was mentioned that the sale process would enhance the company’s affairs and prepare it for long-term growth.

    They said:

    “We will have new ownership, a simplified capital structure, and the ability to operate without the legacy liabilities that have been burdening our business.”

    Vice Media’s Restructuring

    Before this announcement, Vice Media had begun to restructure its global organizational workforce. Over the last few months, Vice Media has laid off many workers to slim down their cost of production.

    According to the media company, any group intending to purchase her assets will provide $225 million in the form of a credit bid. The fees will also cover some of Vice’s significant liabilities.

    Vice Media is not the only digital company forced to restructure its organization due to bankruptcy. Buzz Feed (NASDAQ: BZFD), a global media and technology company, has shut down its news broadcast division and laid off a larger number of its workers. Generally, the low revenue generation in the media space is caused by the sluggish economy and weak advertising market.

    Vice began its journey as a magazine that addresses youth-related issues and invariably gained an outstanding presence on social media. The then-thriving company is filing for bankruptcy, which was indirectly caused by the spike in online advertisement championed by Google and Meta. Last year, the media company fell below its targeted revenue mark by more than $100 million.

    Read other business news on Coinspeaker.

    next

    Business News, Market News, News


    Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
    Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

    Thank you!

    You have successfully joined our subscriber list.

    Subscribe to our telegram channel.
    Join



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    SEC Drops Binance Lawsuit: How Regulatory Clarity Could Spark a BNB Price Rally

    May 30, 2025

    Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

    March 31, 2025

    Utah Moves Closer To Bitcoin Reserve As Bill Advances To Senate Standing Committee

    February 23, 2025

    Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

    January 26, 2025
    Top Posts

    Casper blockchain network launches $25M grant to support developers

    May 20, 2023

    $50M bounty goes live on Web3Bounty.io to trace misappropriated funds linked to FDT and Aria

    May 6, 2025

    Your Key to Successful Crypto Trading

    November 4, 2023

    Welcome to CryptoHoppers.com! Stay informed with the latest updates, trends, and insights from the dynamic world of cryptocurrencies. From Bitcoin to altcoins, blockchain technology to decentralized finance (DeFi), we cover it all. Discover expert analysis, market trends, regulatory developments, and exciting innovations shaping the crypto industry.

    Top Insights

    8,000 Bitcoins awaken after 5 years – Whale strategy or ETF play?

    June 14, 2025

    Bitcoin’s High Euphoria Spurs UK Company’s $4.7 Million Buy

    June 12, 2025

    Why are altcoins like Axelar, Aave, Uniswap, Pepe going up today?

    June 10, 2025
    Advertisement
    Demo
    CryptoHoppers.com
    Facebook X (Twitter) Instagram
    • News
    • Technology
    • Learn/Guide
    • Regulation
    • NFTs
    • Business
    • Live Pricing
    © 2025. Designed by CryptoHoppers.com.

    Type above and press Enter to search. Press Esc to cancel.