Vice Media, which was once in a slump after being valued at $5.7 billion in market value as a U.S. digital news favorite, said it was offered relief funds on the 15th but filed for bankruptcy protection.
Creditors such as Soros Fund have expressed their intention to take over for $225 million.
Vice filed for bankruptcy protection amid such a takeover offer. Vice’s bankruptcy filing is the latest version of the downfall of digital media platforms that once threatened traditional news media, the Wall Street Journal says.
Vice’s forcefully eye-catching editing and individualistic storytelling used to be a strong infectious topic online.
Vice, which applied for $20 million protection to the Bankruptcy Court in southern New York, emphasizes that it will continue to produce content that suits the brand.
Vice began as an underground publication in Montreal, Canada. Fox and private equity funds in the 21st century invested in the digital media boom in the early 2010s as it caught the eyes of young people and gained popularity.
However, Vice failed to grow into a major media outlet. Many other digital news outlets are currently struggling or shutting down.
Last month, BuzzFeed also said it was closing BuzzFeed News because it couldn’t afford the loss
