The term, “Go Woke, Go Broke” seems to be singing a tune of truth as patterns of businesses focusing on a radical social agenda bring profits straight to the toilet bowl. It is already known that Vice Media Group was setting itself up for bankruptcy.
In recent news, Vice Media is filing for Chapter 11 bankruptcy protection, saying on Monday that it has agreed to sell its assets to a consortium of lenders – Fortress Investment Group, Soros Fund Management and Monroe Capital – in exchange for a $225 million in credit.
A once-promising media company making traction in the news circuit – producing a wide array of content from documentaries, to live news coverage, even to television programming – has reached its turmoil.
The filing stated that the company had assets and liabilities worth between $500 million and $1 billion.
What comes as a shock is that Vice was once worth $5.7 billion, (back in 2017); the same company is now asking its group of lenders to essentially get the company out of a major debt.
With Vice’s plan to restructure the company upon its selling, co-chief executive officers Bruce Dixon and Hozefa Lokhandwala stated that “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth.”
They continued, “We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. We look forward to… charting a healthy and successful next chapter at VICE.”
Although Vice had been making successful waves in the last decade or so, its loss in advertising revenue, significant expansion expenses, and inconsistency with leadership have been noted to be major factors to the company’s downfall.
The vice co-CEOs stated Vice’s aim to safeguard “the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms.”
Click HERE for our initial story on Vice Media Group.
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