Vice and Motherboard owner files for bankruptcy

The institution down the websites Vice and Motherboard has filed for bankruptcy successful the US and is acceptable to beryllium sold to a radical of its lenders.

Vice Media Group - which was erstwhile valued astatine $5.7bn - could beryllium taken implicit for $225m.

The youth-focused integer steadfast said it volition proceed to run during the bankruptcy process.

It added that it "expects to look arsenic a financially steadfast and stronger institution successful 2 to 3 months".

Launched successful 1994 arsenic a fringe mag called Voice of Montreal by Shane Smith, Gavin McInnes and Suroosh Alvi, Vice presently operates successful much than 30 countries.

Its edgy, youth-focused contented spans print, events, music, online, TV and diagnostic films.

Vice Media Group's investors see Fortress Investment Group, Monroe Capital and Soros Fund Management - the steadfast founded by money manager and billionaire George Soros.

The lenders person approved $20m of backing to support Vice Media going done the bankruptcy process. During this time, different firms tin taxable "higher oregon better" bids for the media company.

If these offers are not successful, Vice Media's lenders volition get the steadfast for $225m.

The company's revenues person been level for immoderate years and it has besides struggled to crook a profit. Vice's plans to spell nationalist done a merger besides failed.

Last month, it announced layoffs aft its flagship TV programme was unopen down.

BuzzFeed, different pioneering online platform, besides precocious announced that it was shutting down its quality part and laying disconnected 15% of its workforce amid superior fiscal challenges and a slump successful advertizing revenue.