Vice Media has declared bankruptcy, joining a string of liberal media outlets facing financial difficulties.

On Monday, Vice experienced a significant setback as it filed for Chapter 11 bankruptcy, joining the list of media giants facing similar challenges.
The submission was made as the corporation gets ready to vend almost all of its possessions to a group of lenders consisting of Fortress Investment Group, Soros Fund Management, and Monroe Capital.
Despite the company's initial claim of having assets worth between $500 million to $1 billion, the sale has only resulted in a credit bid of $225 million.
According to a statement from VICE's Co-CEOs Bruce Dixon and Hozefa Lokhandwala, VICE provides a distinctive type of news, entertainment, and lifestyle content to a large worldwide audience.
The quick sale process overseen by the court will enhance the Company and set VICE up for future expansion, ensuring the continuation of genuine journalism and content creation that has made VICE a reputable brand for young individuals and a valuable collaborator for brands, agencies, and platforms. With new ownership, a more straightforward financial structure, and the freedom to operate without the previous financial obligations that have weighed down the business, VICE will be in a better position.
We are excited to finish the sale process within the next two to three months and begin a prosperous new chapter at VICE. MTV NEWS has been forced to shut down after 26 years due to Paramount layoffs. The completion of the sale is anticipated to occur in the next three months.
The company has stated that all of its brands, such as Vice, Vice News, Vice TV, Vice Studios, Pulse Films, Virtue, Refinery29, and i-D, will continue to function and create content as they normally do.
Furthermore, the company stated that its global subsidiaries and the collaboration between Vice TV and A&E were excluded from the bankruptcy declaration.
This statement came after a number of liberal media companies experienced staff reductions and closures in recent months.
MTV News has closed down after 36 years due to Paramount Global's net loss of $1.1 billion in the first quarter of 2023. BuzzFeed also announced in April that it would shut down its news division and reduce its workforce by about 15%.
The group of individuals mentioned consisted of both staff members and high-ranking officials, including the Chief Risk Officer Edgar Hernandez and the Chief Operating Officer Christian Baesler.
Buzzfeed News, known for releasing the Steele Dossier, is closing down due to a reduction in staff. CNN and ABC News are also cutting jobs, including prominent CNN anchor Brian Stelter and various top executives at ABC News.
ABC News had to lay off employees after its parent company, Disney, cut 7,000 jobs in March.
In 2017, the Daily Beast published a report that depicted Vice Media as a harmful work environment.
The report, which reportedly included accounts from over twelve current and former employees, stated that the workplace was characterized by inappropriate physical contact and instances where job advancements were offered in exchange for sexual favors, with the human resources department disregarding any complaints made.
In 2020, Refinery29, a subsidiary site of Vice, received comparable grievances.
There was no response from Vice when Fox News Digital requested a comment. To obtain the Fox News app, click here.