Remember "Vice", the digital media company that once had a market capitalization of $5.7 billion? Sadly, it is now preparing to file for bankruptcy. The company has been struggling to find a buyer this year and has been facing mounting debt.
A bit of history; Vice was founded in 1994 as a magazine about youth culture and politics. It quickly grew into a multimedia company with a focus on documentaries, news, and entertainment. In 2015, Vice went public and was valued at $5.7 billion.
However, Vice's fortunes have since turned. The company has been facing increasing competition from other digital media companies, such as BuzzFeed and Vox. It has also been struggling to monetize its content. And in recent months, Vice has been trying to find a buyer. However, potential buyers have been turned off by the company's mounting debt. As a result, Vice is now preparing to file for bankruptcy. [Source]
