Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
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In a prepared statement, Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala said the “accelerated court-supervised sale process” will strengthen the company and position it for long-term growth, “thereby safeguarding 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.
Beyond advertising and the shifting digital landscape, Mollica also pointed to the changing habits of news consumers consumers today — and challenges that media companies across the industry face as they try to reach audiences. Over the years, Vice developed a reputation for in-your-face journalism that covered daring stories around the world that particularly reasonated with new, young audiences across digital platforms. The media company’s assets also include film and TV production, an in-house marketing agency, and brands such as Refinery 29 and Unbothered.
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