Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures.s, as they resort to downsizing in recent months due to a turbulent economy and weak advertising market.
In April, the company said it would cancel popular TV program “Vice News Tonight” as part of a broader restructuring that would result in job cuts across the digital media firm’s global news business. Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the form of a credit bid for substantially all of the company’s assets and also assume significant liabilities at closing.