As soon as a journalistic behemoth recognized for in-depth and frightening content material, Vice Media is reportedly dealing with chapter because it continues to hunt a purchaser whereas the clock winds down on an official submitting.
In response to the New York Occasions, three separate folks aware of the state of affairs famous that the submitting might occur inside “the approaching weeks.”
“Vice Media Group has been engaged in a complete analysis of strategic alternate options and planning,” Vice stated in a press release on Monday, per the outlet. “The corporate, its board and stakeholders proceed to be targeted on discovering one of the best path for the corporate.”
Vice didn’t instantly return Entrepreneur’s request for remark.
Greater than a handful of firms have proven curiosity in buying Vice, in line with the report, however the odds of any coming into fruition are “more and more slim.”
Vice employed a crew of bankers a couple of yr in the past in an try and work on a sale technique with its content material studio and promoting company named Advantage.
At its prime, in 2017, Vice obtained a $450 million funding from TPG Inc. which valued the media conglomerate at roughly $5.7 billion. Final yr, when it tried (and failed) to go public in partnership with 7GC & Co Holdings, it was estimated to be value round $3 billion.
“No one within the business severely thought that Vice was able to go public. That was by no means going to occur,” a supply advised The New York Submit on the time of the tried SPAC settlement. “The corporate has been in a endless cycle of layoffs, pivots and emergency money infusions for half a decade. It seems the downward spiral continues to be ongoing.”
Vice was initially based by Shane Smith as {a magazine} in 1994 earlier than pivoting to digital media and HBO in 2013. The corporate launched its personal video channel named Viceland in 2016. By 2019, each the HBO programming and Viceland have been canceled.
Simply final week, Vice introduced that its cornerstone Vice Information Tonight cable present could be shutting down. The corporate reportedly laid off roughly 100 staff amid different main adjustments to management this yr together with the departure of former CEO Nancy Dubuc.