San Francisco, Could 16 (IANS) Vice Media Group has filed for chapter, and the corporate’s lenders, Fortress Funding Group, Soros Fund Administration and Monroe Capital, agreed to buy the corporate for $225 million — nearly 4 per cent of the corporate’s highest valuation simply over six years in the past.
In 2017, Vice Media raised $450 million, valuing the media firm at round $5.7 billion. Vice filed voluntary petitions for reorganisation below Chapter 11 within the US Chapter Court docket for the Southern District of New York to facilitate the sale. Discord Knowledge Breach: Chat Platform Begins Notifying Customers After Third-party Help Agent’s Account Was Compromised.
All of its multi-platform media manufacturers, together with Vice, Vice Information, Vice TV, Vice Studios, Pulse Movies, Advantage, Refinery29 and i-D, will proceed to provide and ship award-winning content material throughout platforms.
“We could have new possession, a simplified capital construction and the power to function with out the legacy liabilities which have been burdening our enterprise,” stated Bruce Dixon and Hozefa Lokhandwala, Co-Chief Govt Officers.
“We stay up for finishing the sale course of within the subsequent two to a few months and charting a wholesome and profitable subsequent chapter at Vice,” they added.
Final month, Vice Media laid off greater than 100 workers to restructure its international organisations and shut down its Vice Information Tonight broadcast. LG Electronics Sees Low Demand For House Leisure Merchandise, TV Manufacturing facility Ran at 75% Capability Final Quarter: Studies.
Vice joins a rising record of media corporations which shut down companies and laid off workers just lately amid the worldwide macroeconomic circumstances. A number of media shops, like ABC Information, NPR, Vox Media, CNN, and others, have laid off workers members just lately.
Vice Media Group is a multi-platform media firm. Its Emmy and Peabody Award-winning Information division simply launched its fourth season of VICE on Paramount+ with Showtime, and its protection of the warfare in Ukraine has been watched on TikTok by a whole bunch of tens of millions of individuals. Happay Layoffs: CRED-Owned Expense Administration Platform Lays Off 35% of Its Workforce, 160 Staff Requested To Go.
Its studio group, together with Pulse Movies, produced Bamarush for HBO Max, Lewis Capaldi: How I am Feeling Now for Netflix, American Gladiators for ESPN, Gangs of London for Sky, and Inform Me Lies for Hulu.
(The above story first appeared on LatestLY on Could 16, 2023 10:24 AM IST. For extra information and updates on politics, world, sports activities, leisure and way of life, go browsing to our web site latestly.com).
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