First BuzzFeed "News," and now the super-journalists of Vice.
I just don't know where I'll get my fake news from!
Vice Media is preparing to file for bankruptcy, according to two sources familiar with the matter.
Why it matters: Vice was once considered one of the most successful news startups of all time when investors valued it at $5.7 billion in 2017. Now it's struggling to sell itself for more than $1 billion.
Details: The company has taken steps to file for possible bankruptcy if it cannot secure a buyer in the next few weeks, sources told Axios.
Vice is still engaged in talks to sell itself, either in full or in pieces, two sources told Axios. A sale would prevent bankruptcy, but finding a buyer willing to pay more than $1 billion for the company has been challenging, as has finding one willing to take on the company's debt load.
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A Vice Media Group spokesperson said the company "has been engaged in a comprehensive evaluation of strategic alternatives and planning. The company, its board and stakeholders continue to be focused on finding the best path for the company."
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Things went sour once investors began to realize that Vice's growth was slowing, which made it hard to justify the massive valuations it received from investors over the years.
At its peak in 2017, Vice's investors believed it was worth $5.7 billion. The company reportedly missed its $800 million revenue target that year by more than $100 million.
The following year, Disney wrote down $157 million of its initial $400 million investment in Vice. Months later, Vice's newly-appointed CEO Nancy Dubuc laid off 10% of Vice's staff amid a broader restructuring.
Oh no not Disney too...
This is turrible, just turrible!