Vice Media may rapidly file for chapter: Report

Days after it was reported that American ‘liberal’ media agency Buzzfeed is shutting down its data division, it has been reported that Vice Media is reportedly prepping to file for chapter. 

According to the New York Times, the company, whose holdings embrace Vice News, Motherboard, Refinery29, and Vice TV, has been in negotiations with on the very least 5 firms in an try to avert chapter. 

Vice was valued at USD 5.7 billion in 2017 following an funding spherical from the private-equity agency TPG. However, by most accounts, it is now solely value solely a portion of that amount.

According to the NYT report, throughout the case of chapter, Vice’s largest debtholder, Fortress Investment Group, might lastly end up proudly proudly owning the company. With Fortress throughout the lead as a result of essentially the most definitely acquirer, Vice would keep it up operations as common whereas conducting a 45-day public sale to advertise the company.

“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,” the company spokesperson suggested Reuters.

This comes solely every week after the company launched the discontinuation of its well-liked Vice News Tonight current, which resulted in fairly a number of layoffs. The agency’s world operations restructuring affected its Asia-Pacific newsroom.

In March this 12 months, an Indian journalist Pallavi Pundir working as a senior reporter on the Vice World News wrote an article sympathizing with the Khalistan chief Amritpal Singh. Pundir dubbed Amritpal who simply recently surrendered sooner than the Punjab Police a “charismatic Sikh leader” and as well as downplayed his secessionist actions as a battle for “self-determination” for the Indian Sikhs.

Moreover, Vice India in January shared {a photograph} of a “pure vegetarian” restaurant and tried to shame Indians for casteism over it and assault Hinduism. In their caption of the image, Vice wrote, “Do eateries need to promote being #pureveg and, by doing so, do they uphold #casteist ideas and practices?”

However, OpIndia reported that the image of the “pure veg” restaurant Vice India shared was of a restaurant in an Islamic nation—United Arab Emirates (UAE).