Among the recent headlines: “AOC’s Sick Grandma Isn’t Off-Limits for MTG and Lauren Boebert” and “Haunting Photos of the Canadian Village That Burned Down After Record Heat.” In a recent interview with Deadline, Vice Media Group CEO Nancy Dubuc not surprisingly focused on the company’s strengths, including an ongoing push to diversify and an award-winning news division that remains true to its mission of a brand tackling topics that in some cases won’t be found anywhere else, or covering them with an unusual take. An insider told Deadline: “Our financing process is still ongoing and we have had positive conversations with a range of investors.” Vice projects revenue this year of about $680 million, from $600 million last year. Holdings with a valuation said to be about $3 billion. It’s talked with several SPACs and the most recent reports – now dating back to May – had it possibly combining with one called 7GC & Co. Vice’s position – private or public – in the evolving landscape has yet to be officially defined. “SPACs are a way for a lot of these companies to take advantage of the capital markets,” he said. They added: “We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at Vice.Vice Media Preparing To File For Bankruptcyīarry Lowenthal, CEO of The Media Kitchen, a media planning and buying agency, said a SPAC deal would be a positive for Vice. In a statement, Mr Dixon and Mr Lokhandwala said the bankruptcy sale would ultimately “strengthen the company”. Hozefa Lokhandwala and Bruce Dixon, co-chief executives, are also expected to remain at the company. Shane Smith, the outspoken founder of Vice who was known for hosting rowdy parties and flashing his wealth, is expected to stay on following the rescue deal, Bloomberg reported. Alongside its flagship brand, the group also owns an ad agency, film studio and women-focused site, Refinery29. The group of lenders has secured a $20m loan to keep Vice operating during the bankruptcy process. Vice has struggled to turn a profit for years and has been in default on a $250m loan from Fortress and Soros Fund Management for months. Its valuation peaked at $5.7bn in 2017, but alongside rival digital publishers including BuzzFeed it has struggled to navigate a downturn in the digital advertising market and the emergence of new social media platforms including TikTok. The media group, which started life as a punk magazine in 1990s Montreal, built a popular brand through its coverage of drugs, sex and war zones. The sale process caps off a tumultuous period for Vice, which last month shut down its World News brand and announced dozens of “painful but necessary” job cuts. Instead, the offer would be covered by existing loans to Vice and the buyers would take over “significant liabilities” from the company once any deal is finalised. The group would not put in any new money. It caps a long and painful decline for the youth-focused brand that was once valued at $5.7bn (£4.5bn) and attracted investment from Disney and Rupert Murdoch’s Fox.Ī group of Vice’s lenders including Fortress Investment Group and Soros Fund Management, the investment group run by billionaire trader George Soros, is the frontrunner to buy Vice out of bankruptcy after tabling a $225m bid. Vice Media filed for bankruptcy in the US in the early hours of Monday morning, owing its creditors as much as $1bn according to its bankruptcy filing in New York. Investors including George Soros are poised to take control of Vice after the digital media company collapsed into bankruptcy protection.
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