Next generation Vice Media Group, LLC., may be just a few weeks from filing for bankruptcy, the New York Times reported Monday.
According to the report, the edgy media company is preparing to file for bankruptcy protection in the coming weeks as financial pressures mount and the likelihood of finding a buyer for the company dwindles.
"Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning," Vice said in a statement to the Times on Monday. "The company, its board and stakeholders continue to be focused on finding the best path for the company."
The report comes a week after the media company announced it was shutting down its "Vice News Tonight" flagship following its May 25 show to "restructure" the organization, CNN reported April 27.
"In response to the current market conditions and business realities facing [Vice Media Group] and the broader news and media industry, we are moving forward on some painful but necessary reductions, primarily across our News business," CNN reported Vice co-chief executives Bruce Dixon and Hozefa Lokhandwala announcing in a memo to employees at the time. "We are transforming Vice News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most."
According to the report, that program aired for seven years, receiving the most Emmy nominations of any newscast during the last five consecutive years.
The Wall Street Journal reported in February that the company secured more than $30 million in debt financing from the Fortress Investment Group after missing its 2022 revenue goal of $700 million in December.
The Times report said that Fortress is now the senior investor and will be first in line to take control of the company, acquiring it through an anticipated 45-day auction sale.
Previous investors, Disney, and Fox have already "written down" their investments in the company and are not expected to see a return, the report said.
The organization started out as a "punk" magazine more than 20 years ago and turned into a global media company with an ad agency, film studio, and news bureaus around the world, according to the Times.
Earlier this week, a similar media outlet, Buzzfeed announced it was closing down.
New York Magazine's Intelligencer reported April 28 that the outlet's closure follows a rash of layoffs at various media companies in recent months.
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