Vice to Get New Owners as Media Darling Files for Bankruptcy

Vice Media LLC filed for bankruptcy protection and struck a deal to sell itself to creditors, a precipitous fall for the company that once boasted a $5.7 billion valuation.

The developments cap a tumultuous few months for the firm, which began as an alternative magazine in Montreal nearly three decades ago and captured the attention of young viewers globally with documentary-style videos. It shared a Pulitzer Prize in 2020 and multiple Emmy wins for Vice News Tonight.

Watch: Vice Media files for bankruptcy.

Source: Bloomberg

Its rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy ...