Vice Media Group, the company behind popular websites like Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported Monday, citing people they know.
The report comes after Vice shut down its Vice News Tonight program, and amid layoffs and shutdowns at major sites like BuzzFeed News.
Vice has received offers from five companies and may consider a sale to avoid bankruptcy, the Times reported, adding that in the event of a bankruptcy, which could happen in the coming weeks, Vice's debt holder Fortress Investment Group, could end up controlling the company. .
The company is expected to continue operating as normal in bankruptcy, the Times reported.
A Vice spokesman did not immediately comment on the bankruptcy filing, but said the company "has engaged in a comprehensive evaluation of strategic alternatives and planning" and that "the board and stakeholders remain focused on finding the best solution." . .
The possible bankruptcy comes at a very difficult time for the industry, as several other media and technology companies have been forced to shrink in recent months due to a weak advertising market.
This month, BuzzFeed said it would shut down its news division.
Last week, Vice Media announced it would cancel its popular television program Vice News Tonight as part of a broader restructuring that would result in job cuts across the company's global news business. Reports estimated that more than 100 workers would be laid off as part of this restructuring.
Vice as a company in 2017 was worth $5,7 billion.
One of Vice's co-founders, Gavin McInnes, is now known as the founder of the Proud Boys, a far-right group whose leaders face conspiracy charges for their actions during the January 6 riots in Washington.