September 21, 2023

Vice Media, which owns Vice, ladies’s media model Refinery29 and style and culture-focussed publication i-D, filed for Chapter 11 chapter on Monday.

A gaggle of Vice’s lenders, together with Fortress Funding Group, Soros Fund Administration and Monroe Capital, submitted a $225 million bid to purchase the corporate out of chapter, and secured a $20 million mortgage to maintain the enterprise afloat within the meantime. The chapter won’t disrupt ongoing operations or content material publication at Vice or any of its owned properties.

“It is extremely a lot enterprise as standard for the corporate,” a Vice spokesperson informed BoF. “We look ahead to rising from the gross sales course of stronger and our each day operations proceed unimpacted.”

Based as {a magazine} in Canada in 2004, Vice went on to turn into a darling of the digital media world, elevating over $1.6 billion in funding from main names like Disney and personal fairness firm TPG. In 2017, it was valued at $5.7 billion in 2017. In recent times, because the enterprise has light from its peak, it’s sought out a purchaser, however failed to seek out one that may pay a nine-figure value. In 2021, it closed style title Storage.

Study extra:

Vice Media Will Stop Publishing Storage Journal

The spring challenge of the biannual publication will probably be its final at Vice, which acquired a majority stake within the artwork and style title from founder Dasha Zhukova 5 years in the past. However the publication won’t shut down.