Vice Media risks bankruptcy

Vice Media risks bankruptcy

North American-based Vice Media Group is preparing to file for bankruptcy.

The company, valued at $5.7 billion in 2017, is considering the move after struggling to find a buyer, according to US reports.

SBS has lost its flagship newscast Deputy news tonightt from his VICELAND channel, which aired on Friday nights, after major cuts by Vice’s world news division.

Australian personnel were also affected.

The company is still looking for a buyer, which could happen in the coming weeks.

“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement to the New York Times. “The company, its board of directors and stakeholders continue to focus on finding the best path for the company.”

The company was founded in 1994, initially as a gonzo magazine, but has subsequently launched television divisions, including a linear channel, studio arm, creative agency, and web operations.

SBS declined to comment, but the channel is a curated mix of content from Vice and a host of other content. It’s unclear if the change will affect the channel name as well.

Nine Pedestrian Group’s youth arm, which also draws on Vice content, isn’t yet affected by the company’s woes.

Source: Expiration, SMH