After 29 years, VICE Media LLC, a trendsetting media company, has filed for Chapter 11 bankruptcy, a process that is likely to result in the sale of the company to Fortress Investment Group and Soros Fund Management for $225 million. The news comes a few weeks after the company shuttered VICE World News and canceled VICE News Tonight, its flagship news television program, resulting in more than 100 layoffs across the newsroom. In a statement, however, all of VICE’s multi-platform media brands, including VICE, VICE News, VICE TV, VICE Studios, Pulse Films, Virtue, Refinery29, and i-D, will continue to produce and deliver award-winning content across platforms. Substantially all of the company’s international entities and the VICE TV joint venture with A&E, are not part of the Chapter 11 filing. Closer home, last year Kenya’s legacy media houses like The Standard Group and Nation Media Group were also forced to adjust to the ever-changing ecosystem, resulting in massive layoffs.

Source: Daily Nation May 17, 2023 17:32 UTC