These investments led to a highly complex corporate structure and a series of debts that Frank Pometti of the consulting firm AlixPartners, who has been appointed Chief Restructuring Officer of VICE, said ultimately resulted in the company’s bankruptcy. The company has also taken high-profile investments from A&E Networks, Disney, and Fox. This included private equity firm TPG, which gave the company $450 million in 2017 to expand its VICE TV offerings and expand internationally. These investments allowed the company to expand but ultimately created a list of companies expecting a return on their investment. Over the years, VICE Media has taken on a series of high-profile investments at large valuations. During the sale process, which the company believes will take a few months, Vice will have access to more than $20 million in financing from its lenders to continue operations. MTV News was also just shut down as part of cuts that impacted 25% of workers at its parent company, Paramount.Ĭloser home, last year K enya’s legacy media houses like The Standard Group and Nation Media Group were also forced to adjust to the ever-changing ecosystem, resulting in massive layoffs.Īccording to Vice’s financial reporting, the company has about $834 million in debt. Globally, in the last month alone, the Pulitzer Prize-winning BuzzFeed News was shuttered as part of layoffs that impacted 15% of the company. This unfortunate turn of events for Vice has only darkened the storm cloud over the digital media industry. In 2019, the company raised $250 million in debt from investors, including Fortress and George Soros’ Soros Fund Management. The filing is the latest in a series of blows to the company, which once took funding at a $5.7 billion valuation. ![]() ![]() “VICE Media Group today announced that it has agreed to the terms of an asset purchase agreement with a consortium of its lenders,” the company said in a press release.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |