The big American media declared bankruptcy

According to the media reporter of Fars News Agency, quoted by The Hollywood ReporterMedia company Vice Media, which was once valued at $5.7 billion, has struggled with debt and declining advertising revenue in recent years and is now filing for bankruptcy.

After weeks of speculation, Vice Media filed for Chapter 11 bankruptcy protection on Monday to facilitate a sale of the company.

Bloomberg Vice Media has listed assets and liabilities of more than $500 million to $1 billion in a Chapter 11 bankruptcy filing filed in New York court, reported Vice Media.

Bloomberg It reports that “Fortress Credit Corp” is among the biggest creditors of this former media giant with claims of about 475 million dollars.

Vice Media, like other digital media giants BuzzFeed and Vox Media, has struggled to manage costs and grow revenue in the face of a weak advertising market and a troubled economy.

The bankruptcy filing for a company that was once one of the world’s most beloved media brands, which includes investments such as Fox Corp. and Disney and Rupert Murdoch’s family media empire in traditional media, signals a dire situation.

Founded as a print magazine in Montreal in 1994 by Shane Smith, Soroush Alavi and Gavin McInnes, Vice Media features gonzo journalism, dark travel stories, ironic humor and photography from the likes of Terry Richardson, It became a global brand.

The company moved to New York in 1999 and expanded dramatically, becoming more digital-focused and adding film and television units. Then it reached its peak with success in the world media and representation in more than 50 countries and reached an incredible value of 5.7 billion dollars.

According to the results of a research in America, 46% of 353 written and television media in America think that they will remain afloat after a period of ten years. Seventeen percent of the heads of these media believe that they will be forced to leave their activities in the absence of significant financial resources. Also, twenty-four percent of American newspaper and television network operators believe that they will go bankrupt within three to five years.

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