With its bills piling up as advertising remains in the dumps, Vice Media (VICEM), whose assets include Vice News, Vice TV, Refinery29 and Motherboard, is reportedly preparing to file for bankruptcy within the next several days.
While more than five companies have expressed interest in acquiring the company, according to The New York Times, chances of that are growing increasingly slim.
It's a major turn in fortunes for a media startup that was valued at $5.7B at its peak in 2017, but was battling for a valuation of just $1.5B in December 2022. SPAC 7GC was also said to be in talks to merge with Vice Media (VICEM) last year, however, the parties walked away from a potential deal in August 2021.
The media struggle has been seen across the digital landscape, with BuzzFeed (NASDAQ:BZFD) shuttering its news operation last month, and Insider laying off 10% of its workforce.
In terms of ownership, private equity firm TPG Inc. (NASDAQ:TPG) owns 44% of Vice Media. Disney (NYSE:DIS) is also a significant shareholder of the company, with a 16% direct stake and another 10% via its holdings in A&E Networks.