Vice Media Group, the company that integrates media such as Vice magazine and Motherboard, is preparing to file for bankruptcy. As just announced by the New York Times, the company is in its final moments of life, and in the next few days it could be closed or bought out.
This news, in fact, comes as a surprise to no one. A few days ago the company had to close Vice News Tonight, the last bastion it had left after years of battles with its employees. The company has gone through dozens of ups and downs over the years, and even had a strong presence in Spain and Latin America, but finally has not been able to maintain its structure.
However, this does not have to be the end of Vice Media Group. As the NY Times explains, there are already five companies that want to acquire the company. Moreover, in the event of bankruptcy, Vice’s debt holder, Fortress Investment Group, could end up controlling the company, which could lead to a subsequent sale or even restructuring from within the organization.
“Vice Media Group has been evaluating alternative plans and strategies,” the company added in a statement. “The company, its management and investors will remain focused on finding the best path forward for the company.”
A critical moment for journalism
Despite its statements, everything seems to indicate that it has no choice but to end its life as a media company. Moreover, it is not the only company to do so in recent months. The situation of journalism is more complex than ever, and media such as BuzzFeed, NBC or CNN have had to close or carry out massive layoffs.
It is expected that in the coming weeks we will know more about it, but if this is the end of Vice it will mean the end of a media that has marked a whole generation of young people. Undoubtedly, we will always carry in our minds its covers and first online reports.
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