Digital media and broadcasting company Vice is reportedly planning to file for bankruptcy, as it is struggling to secure a buyer.
The news comes after Vice recently implemented a wave of layoffs and restructuring and cancelled its signature newscast, Vice News Tonight. According to The New York Times, Vice has been actively seeking a buyer to avoid filing for bankruptcy, and while more than five companies have expressed interest, it appears that the chances of a takeover are dwindling.
The company has been expanding aggressively since the mid-2000s by launching various new sites, including Noisey for music, Munchies for food, and Thump for electronic music, which has since closed down.
The company was once valued at $5.7 billion. In response to the news, Vice issued a statement saying that it is engaged in a comprehensive evaluation of strategic alternatives and planning, and is continuing to focus on finding the best path for the company, its board, and stakeholders.
