Vice files for bankruptcy amid digital media struggles
The group of sites, including Vice and Motherboard, will continue publishing. Vice Media, the youth-oriented publisher of prominent online outlets such as Vice and Motherboard, filed for bankruptcy on Monday, underscoring the fraught economic environment for digital media companies as economic growth slows and the advertising market softens. The group of sites, which includes food outlet Munchies and fashion news brand Refinery29, will continue publishing as the Chapter 11 bankruptcy process unfolds and the site takes on new ownership, Vice Media said in a statement. The bankruptcy announcement will facilitate the sale of Vice Media to a group of its top lenders led by Fortress Investment Group and Soros Fund Management -- which has agreed to an acquisition of the company that values it at about $225 million, the statement said. MORE: Bitcoin has climbed 65% this year despite crypto woes. Experts explain why. "This accelerated court-supervised sale process will strengthen the...