![]() Hozefa Lokhandwala and Bruce Dixon, co-CEOs at Vice, will also stay on. “It’s not unusual for the lender to come in and tell the debtor, the borrower, ‘You’re putting this into bankruptcy, you’re going to make a motion to sell, we’re going to put in a first bid.’”įortress sees a continuing role at Vice for Shane Smith, the brash co-founder who became synonymous with the company’s gonzo journalism from exotic locales and oversaw a boundary-pushing culture that was rife with allegations of sexual harassment, according to a person familiar with the matter. “It’s the lender coming in and saying, ‘I’m done funding the losses - if I’m going to fund the losses, I’m going to take control of the company,” said Eric Snyder, chair of bankruptcy at the law firm Wilk Auslander. It has been in default on that loan for months. ![]() Vice Media raised a $250 million loan from Fortress and Soros Fund Management in 2019 as it struggled to make a profit. The bankruptcy filing will give the company some relief from its onerous debt load as its lenders, including Fortress, seek to salvage their investments. “We now know that a brand tethered to social media for its growth and audience alone is not sustainable.” Mitra Kalita, the founder and publisher of Epicenter-NYC, a community journalism company based in the New York City borough of Queens. “There are definitely commonalities in the hardships media organizations have been facing and Vice is no exception,” said S. ![]() ![]() ![]() Last month, BuzzFeed shut down its namesake Pulitzer Prize-winning news division after going public at a fraction of its earlier valuation, and Vox Media earlier this year raised money at roughly half its 2015 valuation. Though readers came by the millions, new media companies had trouble wringing profits from them, and the bulk of digital ad dollars went to the major tech platforms. ![]()
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