The crisis-ridden news portal Vice filed for creditor protection in the United States on Monday. At the same time, the company, which also publishes articles on german, put itself up for sale. Financial investors such as Fortress Investment Group, Soros Fund Management and Monroe Capital provided Vice with $225 million in loans, which could be exchanged for shares in the company.
The company will receive a new ownership structure, a simplified capital structure and the ability to operate without old liabilities that have so far weighed on the business, the management said, according to a report by the Bloomberg news agency. The sale process should be completed within the next two to three months.
A few years ago, Vice Media had an unusually high valuation for a start-up in the media industry. After receiving $2017 million in funding from investment firm TPG in 450, the company was worth $5.7 billion at one point. In April, Vice had already discontinued its TV program "Vice News Tonight". Around the same time, rival Buzzfeed announced the closure of its loss-making news division.