Vice Media Group, the company behind websites like Vice and Motherboard, has filed for bankruptcy due to financial struggles and the departure of top executives. The company is now looking to sell itself to a group of investors.
Vice Media Financial Struggle
Bankruptcy is a consequence of a challenging period when numerous technology and media companies faced financial difficulties because of a weak advertising market and decreasing revenue.
Vice was originally valued highly with other fast-growing digital media startups that targeted millennials. Shane Smith, the co-founder, along with his partner, built their media empire from a humble Canadian magazine and skyrocketed to fame.