Bankruptcy came gradually, then suddenly for the much ballyhooed digital media company, court documents show.
VIce Media had been built on a wobbly house of financial cards for years, but the final blow that sent the company into bankruptcy came when one of its foreign partners failed to make a key payment at the beginning of the year.
The following month, Antenna said it was terminating its $130 million-a-year arrangement, plunging Vice into financial turmoil at a time when it had already begun defaulting on its debt payments, according to filings made in bankruptcy court. On Monday, Vice Media filed for Chapter 11 bankruptcy protection, and announced it had reached an arrangement with its biggest creditors, Fortress Investment Group, Soros Fund Management and Monroe Capital, to acquire the media company out of bankruptcy for $225 million unless a higher bid emerges. Vice it will continue to operate as normal until the sale.
In late April, Vice announced it would have to lay off dozens of newsroom employees and shut down its flagship “Vice News Tonight,” program.
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