Vice Media files for Chapter 11 bankruptcy | WORLD
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Vice Media files for Chapter 11 bankruptcy

Vice Media’s office building in Los Angeles Associated Press/Photo by Jae C. Hong

Vice Media files for Chapter 11 bankruptcy

Vice Media Group said on Monday it would likely sell its assets to the Fortress Investment Group and Soros Fund Management for $225 million. In the meantime, the company plans to continue producing content and paying its employees. Vice Media is an American-Canadian youth news, digital media, and broadcasting company. It recently shut down two of its products: VICE News Tonight and World News.

Why is it shutting down? Digital advertising has plummeted this year, cutting into the profits of tech companies like Google and Facebook. The media industry is experiencing a wave of layoffs at outlets like NPR and The Washington Post. BuzzFeed News announced in April it will shut down due to cost-cutting measures by its parent company.

Dig deeper: Read Gary Perilloux’s report in WORLD Magazine about the decline of local journalism.

Josh Schumacher

Josh is a breaking news reporter for WORLD. He’s a graduate of World Journalism Institute and Patrick Henry College.

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