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    Vikshita Vitthal Gujaran in News

    02-May-2023 11:48 AM


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    Vice Media Headed For Bankruptcy, Seeks Buyer: Report

    Vice Media Group, the parent company of media websites Vice and Motherboard, is on the verge of filing for bankruptcy, The New York Times reported. The Times cited two people familiar with the matter and added that the filing could come in the coming weeks.
    According to the report, Vice has been looking for a buyer to purchase the company over the last few months to avoid declaring bankruptcy. Five companies are reportedly interested in purchasing Vice in the event of its bankruptcy. However, the chances of Vice being acquired by another company are slim, according to people familiar with the matter.

    In case, the company does file for bankruptcy, debt-holder Fortress Investment Group could end up controlling the company. The report also noted that other investors in Vice, including Disney and Fox, would not get investment returns, according to a person familiar.

    ''Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. The company, its board and stakeholders continue to be focused on finding the best path for the company'', Vice said in a statement to the Times on Monday.

    Source - NDTV