Article

2023-05-15 Economy

Vice files for Chapter 11; prepares to be sold to Soros

[Breitbart] Media company Vice filed for Chapter 11 bankruptcy protection on Monday morning to facilitate its sale as a group of lenders including Soros Fund Management stand ready to acquire the troubled outlet....

In 2017, Vice Media was valued at $5.7 billion; more than the market capitalization of the New York Times.

Vice's difficulties come after the closure of fellow free digital media groups BuzzFeed News as ad revenues dried up and both had struggled to attract new investments, taking on debt to stay afloat.

Elsewhere various media companies have also started downsizing. Disney, Insider, ABC News, NPR, and Vox Media have all enacted layoffs of their own in recent months.

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The digital ad biz is almost stagnant, especially the leftist side because there is so many other leftist orgs. Orgs using the Subscription model seem, for now, to be doing OK, e.g., PJ Media, Substack, DilbornReborn

Posted by lord garth 2023-05-15 08:32|| || Front Page|| [11128 views ] Top

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