Together with
The Future. Vice Media is coming out of bankruptcy with (slightly) new owners, giving the company a lifeline to continue operating. Unfortunately, the company is a former shadow of itself… which may speak less of Vice’s business decisions and more of the overall devaluation of the digital publishing ecosystem that ruled culture the previous decade.
Digital meltdown
Vice Media is getting picked up from the bargain bin… err… acquired out of bankruptcy.
- Fortress Investment Group and Soros Fund Management put in a bid to purchase the brand… which is just covered by existing loans to the company.
- Others put in bids, such as GoDigital, but co-CEOs Hozefa Lokhandwala and Bruce Dixon said they didn’t hold up and would forward Fortress’ offer to the bankruptcy court.
- Lokhandwala and Dixon will likely remain in their positions, and embattled co-founder Shane Smith may continue to have a role at the company.
- The deal is expected to close on July 7th.
Per NYT, the new owners have signaled that they’re open to selling pieces of Vice, which includes production company Vice Studios, ad agency Virtue, and magazine i-D.
The company has come a long way from being one of the top players in the digital publishing world when it commanded a valuation of $5.6 billion.
TOGETHER WITH CANVA
No design skills needed! 🪄✨
Canva Pro is the design software that makes design simple, convenient, and reliable. Create what you need in no time! Jam-packed with time-saving tools that make anyone look like a professional designer.