Vice Media files for bankruptcy protection

Digital news media company Vice Media has filed for Chapter 11 bankruptcy protection to facilitate its sale. Vice, once valued at US$5.7 billion, struggled as advertising revenues declined. The company has agreed to an asset purchase agreement with a consortium of lenders, including Fortress Investment Group and Soros Fund Management, who submitted a credit bid of around US$225 million. Vice’s bankruptcy filing aims to facilitate the sale process, and the company plans to continue producing content across its media brands.