Vice Media Group, the dagger-and-dagger digital media brand, is preparing to file for bankruptcy.
The company, which was valued at $5.7 billion in 2017, is considering a move after struggling to find a buyer, according to reports.
It comes after a tumultuous start to the year for the company, which has seen Exit Nancy Dubuc after five years, replaced by Bruce Dixon and Hozefa Lokhandwala, as well as the departure of the global president of News & Entertainment Jesse Angelo launches his own production company.
Last week, the company suffered the latest in a series of layoffs, streamlining its news division and canceling his signature show in Vice News tonight.
“Vice Media Group has been engaged in a comprehensive assessment of strategic alternatives and planning,” Vice said in a statement to the New York Times, who broke the news. “The company, its board and its stakeholders continue to be focused on finding the best course for the business.”
The preparations come as the company is still looking for a buyer, which could happen in the next few weeks.
Fortress Investment Group is the company’s largest debt holder and if Vice enters Chapter 11, he will likely control the company.
The company was founded by Shane Smith, Suroosh Alvi and Gavin McInnes in 1994, initially as a gonzo magazine. She then launched a number of television divisions, including a linear channel, a studio branch and a new division in addition to a creative agency and a web operation.