Insider, another digital-native outlet now owned by Axel Springer, announced last month it was laying off 10% of US staff. Vice’s bankruptcy comes weeks after Buzzfeed, another giant of the 2010s digital media scene, shuttered its dedicated news brand Buzzfeed News. A news business like Buzzfeed or Vice could never enjoy the kind of margins a platform business like Facebook can.” But journalism is a lot more of a widgets business than people thought: if you want people to keep coming to your site, you need to keep making content, and so you need to keep spending money. “You invest up front, and if you grow users enough, your revenues will eventually vastly outstrip your costs.
#VICE MEDIA OWNER SOFTWARE#
Teasdale added that Vice, in common with Buzzfeed, had believed that their online content businesses would scale in a manner similar to the software and platform successes of the last decade. “Trusted brands, audience-appropriate content, quality independent journalism, tight management and common-sense should/must win in the long-term!” We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at Vice.“The bottom line is that the better legacy media organisations are actually much more agile, smarter and multi-dimensional than the ‘one trick pony’ Vice. “We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes Vice such a trusted brand for young people and such a valued partner to brands, agencies and platforms. “Vice serves a huge global audience with a unique brand of news, entertainment and lifestyle content,” Bruce Dixon and Hozefa Lokhandwala, Vice’s co-chief executives, said.
It added it expects to receive court approval for these requests. It said it has filed several customary first day motions with the court seeking authorisation to support its operations during the court-supervised sale process, including the continued payment of employee wages and benefits without interruption and payment to vendors and suppliers on normal terms for goods and services provided on or after the filing date. The money to sustain operations has been released as part of a deal with Vice Media’s bondholders that gives them the right to buy the company for $225m but also allows other bidders to submit higher or better bids.Īs part of the deal Vice Media today filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of New York. In a letter to international partners it emphasised that “Vice’s international operating subsidiaries will continue to operate as they have been” and “we have sufficient liquidity to support our continuing operations”. The company said its brands, which include creative agency Virtue and media brands Vice, Vice News, Vice TV, Vice Studios, Pulse Films, Virtue, Refinery29 and i-D, “will continue to produce and deliver award-winning content across platforms”. The digital media company was once valued at $5.7 billion. Vice Media has claimed it has secured enough money to keep operating both in the US and internationally while it finds a new owner over the space of the next two to three months. Vice Media: opened a virtual office in Decentraland last year
0 kommentar(er)
