“Vice” declares bankruptcy. The end of nonconformist information that has become “Woke”
Just two weeks after reporting that BuzzFeed News would shut down without filing for bankruptcy, the NYT today reports that the darling of the woke left and former “multibillion-dollar media empire” Vice, who once charmed giants like Disney and Fox investing hundreds of millions before its incredible crash-land, it is preparing to file for bankruptcy.
According to the NYT, the filing could take place in the next few weeks, according to three people familiar with the matter who have not been authorized to discuss the potential bankruptcy officially.
The company is looking for a buyer, and could still find one, to avoid filing for bankruptcy. According to a person briefed on the discussions, more than five companies have expressed interest in acquiring Vice. The chances of that happening, however, are slimmer, said one of the people familiar with the potential bankruptcy.
A bankruptcy filing by Vice would be a fitting ending to the tumultuous story of Vice, a veritable media phoenix that rose from the ashes with its iconoclastic, countercultural facade, then quickly sought to supplant the media establishment before persuading it to invest hundreds of millions of dollars. In 2017, after a funding round by private equity firm TPG, Vice was valued at $5.7 billion. Around that time, the company realized that, in order to keep receiving money, it would need to curb its rebellious ways and quickly veered outward, losing most of its fans in the process.
As a result, the company is now worth a fraction of the money it managed to squeeze out of the existing media giants and is now facing bankruptcy.
When Vice is bankrupt, the company's largest debt holder, the Fortress real estate trust, will likely end up controlling the firm. Vice could continue to operate normally and bid for the sale of the company within 45 days, with Fortress in pole position as the most likely buyer. Unlike Vice's other investors, including Disney and Fox, Fortress holds senior debt, meaning it is paid first if it is sold. Disney and Fox, which have already zeroed their investments, will be wiped out. It is no coincidence that a real estate fund knows how to guarantee itself.
Vice began as a maverick magazine in Montreal more than two decades ago. Over the years it has grown into a global media company with a film studio, an advertising agency, a glossy show on HBO and offices in the furthest capitals of the world. Disney, after investing hundreds of millions in Vice, valued buying the company in 2015 at more than $3 billion.
The deal never materialized, but Disney's interest forced a complete cultural revolution within Vice, which lost its rebellious appeal and instead scrambled to bow to the woke ideology to align with Disney and to the air in Los Angeles and San Francisco. He practically sold his soul for money, only to disgust his audience and crash. A sour, but realistic, comment on the failure of Vice was made by the president of El Salvador: it seems that Soros' money is also running out
It seems like Soros' money also ran out
https://t.co/SAcjuLKsZl
— Nayib Bukele (@nayibbukele) May 2, 2023
After failing to convince a strategic partner to acquire it, Vice finally succumbed to a bear market for digital media companies. The company has been trying to turn a profit for years, but has failed, losing money and repeatedly laying off employees. Last week the company shut down Vice World News, a global reporting initiative that covered global conflicts and human rights abuses. The closure of Operation World News came as a major blow to employees who saw the division's aggressive coverage in line with Vice's roots in maverick assault journalism, born when co-founder Shane Smith reported from risky destinations like North Korea.
In recent months, while looking for a buyer, Vice has been dealing with a turnover in its management ranks. Nancy Dubuc, the company's former CEO, left this year after nearly five years on the job. Jesse Angelo, the company's global president of news and entertainment, also left the company.
Smith founded Vice with Suroosh Alvi and Gavin McInnes in 1994 as a magazine. Over the next few years he sold off his central vision of Vice just so he could buy (and then sell) the legendary Beverly Hills Cop mansion for $50 million. McInnes left Vice in 2008 to found the Proud Boys, which is the exact opposite trend of the Woke, and hasn't sold yet.
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The article "Vice" declares bankruptcy. The end of nonconformist information that has become “Woke” comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/vice-dichiara-bancarotta-la-fine-dellinformazione-anticonformista-diventata-woke/ on Tue, 02 May 2023 10:00:51 +0000.