Now comes the news of the bankruptcy after the layoffs of Vice Media
The wave of layoffs and closures in the media continues to mount, even after the closure of Vice News Tonight and the end of BuzzFeed News. Now, to this news has been added a new one, and it is reported that Vice Media is on the brink of bankruptcy.
According to the Times report, the company is expected to continue operating as normal in the event of filing for bankruptcy.
The statement did not comment directly on the bankruptcy filing, but said the company has undergone a thorough evaluation of strategic alternatives and planning, and its board of directors and stakeholders remain focused on finding the best course of action.
BuzzFeed has announced that it will shut down its news feed this month, which was famous for its investigative news but ultimately succumbed to challenges from its digital-first business model. Last week, it was announced that the popular television show Vice News Tonight would be cancelled. It is now estimated that more than 100 employees will be laid off as part of the restructuring.
Vice was once part of a booming group of digital media startups. In 2017, the company was valued at $5.7 billion.
Source: Sozcu
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
