{"id":16811,"date":"2023-05-15T21:59:46","date_gmt":"2023-05-16T01:59:46","guid":{"rendered":"https:\/\/cinemadailyus.com\/?p=16811"},"modified":"2023-05-15T21:59:46","modified_gmt":"2023-05-16T01:59:46","slug":"vice-media-group-files-for-bankruptcy-protection","status":"publish","type":"post","link":"https:\/\/cinemadailyus.com\/?p=16811","title":{"rendered":"Vice Media Group Files for Bankruptcy Protection"},"content":{"rendered":"\r\n<p>After several years of financial woes and personnel changes, Vice Media Group filed for bankruptcy on Monday. The decision was made to facilitate the sale of the company to a group of lenders. According to plans, the lenders would provide some $225 million to acquire the firm\u2019s assets and liabilities via a credit bid. The lender consortium reportedly includes Fortress Investment Group, Soros Fund Management, and Monroe Capital.<br \/><br \/>Vice was known for providing digital content for millennial audiences, who enjoyed the content on popular websites that included Vice and Motherboard. Its cofounder, Shane Smith, had built the company from a single magazine in Canada.<br \/><br \/>Last month, Vice announced that it was undergoing a cost-saving restructuring that led to the elimination of its popular TV program, \u201cVice News Tonight\u201d as well as job cuts affecting the company\u2019s global news operations. In today&#8217;s court filing in the Southern District of New York, Vice reported its assets and liabilities ranged from $500 million to $1 billion. It said that the move would provide \u201cmore than sufficient\u201d financing to fund its operations until a sale is finalized, which should happen by mid-summer.<br \/><br \/>According to the deal, other parties are permitted to submit higher bids for the company\u2019s assets. Not included in the Chapter 11 filing are Vice\u2019s global assets and Vice TV, which is a joint venture with A&amp;E Networks.<br \/><br \/>\u201cThis accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth,\u201d stated co-chief executive officers Bruce Dixon and Hozefa Lokhandwala, who added that \u201cWe will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. We look forward to\u2026 charting a healthy and successful next chapter at Vice.\u201d<br \/><br \/>The company also said that it would continue to pay wages and employee benefits as well as paying vendors and suppliers on normal terms. Meanwhile, Vice Union, which represents more than 320 employees, pledged to \u201c[stand] strong in supporting our members through stressful and uncertain times &#8212; and is more than ready to fight tenaciously for our rights. \u2026 regardless of who owns the company.&#8221;<br \/><br \/><a href=\"https:\/\/cinemadailyus.com\/author\/edward-moran\/\">Check out more of Edward\u2019s articles<\/a>.\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>After several years of financial woes and personnel changes, Vice Media Group filed for bankruptcy on Monday. The decision was made to facilitate the sale of the company to a group of lenders. According to plans, the lenders would provide some $225 million to acquire the firm\u2019s assets and liabilities via a credit bid. The&#8230;<\/p>\n","protected":false},"author":3,"featured_media":16834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32],"tags":[5363,15799,11280,15804,15800,15805,15801,15806,15803,15797,15802,15798],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vice Media Group Files for Bankruptcy Protection | Cinema Daily US<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cinemadailyus.com\/?p=16811\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vice Media Group Files for Bankruptcy Protection | Cinema Daily US\" \/>\n<meta property=\"og:description\" content=\"After several years of financial woes and personnel changes, Vice Media Group filed for bankruptcy on Monday. The decision was made to facilitate the sale of the company to a group of lenders. According to plans, the lenders would provide some $225 million to acquire the firm\u2019s assets and liabilities via a credit bid. The...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cinemadailyus.com\/?p=16811\" \/>\n<meta property=\"og:site_name\" content=\"Cinema Daily US\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-16T01:59:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cinemadailyus.com\/wp-content\/uploads\/2023\/05\/Vice-Media.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"953\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Edward Moran\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Edward Moran\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cinemadailyus.com\/?p=16811\",\"url\":\"https:\/\/cinemadailyus.com\/?p=16811\",\"name\":\"Vice Media Group Files for Bankruptcy Protection | Cinema Daily US\",\"isPartOf\":{\"@id\":\"https:\/\/cinemadailyus.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cinemadailyus.com\/?p=16811#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cinemadailyus.com\/?p=16811#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cinemadailyus.com\/wp-content\/uploads\/2023\/05\/Vice-Media.jpg\",\"datePublished\":\"2023-05-16T01:59:46+00:00\",\"dateModified\":\"2023-05-16T01:59:46+00:00\",\"author\":{\"@id\":\"https:\/\/cinemadailyus.com\/#\/schema\/person\/8bf0a19223aa026749c276918426a5bc\"},\"breadcrumb\":{\"@id\":\"https:\/\/cinemadailyus.com\/?p=16811#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cinemadailyus.com\/?p=16811\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cinemadailyus.com\/?p=16811#primaryimage\",\"url\":\"https:\/\/cinemadailyus.com\/wp-content\/uploads\/2023\/05\/Vice-Media.jpg\",\"contentUrl\":\"https:\/\/cinemadailyus.com\/wp-content\/uploads\/2023\/05\/Vice-Media.jpg\",\"width\":1920,\"height\":953},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cinemadailyus.com\/?p=16811#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cinemadailyus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Vice Media Group Files for Bankruptcy Protection\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cinemadailyus.com\/#website\",\"url\":\"https:\/\/cinemadailyus.com\/\",\"name\":\"Cinema Daily US\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/cinemadailyus.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cinemadailyus.com\/#\/schema\/person\/8bf0a19223aa026749c276918426a5bc\",\"name\":\"Edward Moran\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cinemadailyus.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cinemadailyus.com\/wp-content\/uploads\/2021\/02\/Edward-Moran-150x150.jpg\",\"contentUrl\":\"https:\/\/cinemadailyus.com\/wp-content\/uploads\/2021\/02\/Edward-Moran-150x150.jpg\",\"caption\":\"Edward Moran\"},\"description\":\"Edward Moran began his journalistic career many decades ago as a theater and cinema reviewer for Show Business and the New York Theater Review. More recently he contributed film reviews to hosokinema.com and Movie Sleuth. His writings have appeared in publications as diverse as the Times Literary Supplement, Publishers Weekly, the Paris Review, and the Massachusetts Review. Moran also edited a memoir by Oscar-nominated documentary filmmaker Christine Choy. 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