Vice Media faces bankruptcy despite $5.7 billion valuation and investments from Disney and Fox

Vice Media, a company that used to be really popular and received a lot of money from big entertainment companies, is in trouble. The New York Times reported that the company is getting ready to declare bankruptcy, according to two people who know about what’s going on. They’ve been trying to find someone to buy the company, but it’s not looking good. They might have to declare bankruptcy in just a few weeks.

Last week, they had to let some employees go and they also cancelled their main program, Vice News Tonight. A spokesperson for Vice said that they’re trying to figure out what to do next and are looking for the best solution for everyone involved.

Vice used to be worth $5.7 billion and had investors like Walt Disney Co. and Fox Corp. However, their shares might not be worth anything now. The biggest group they owe money to is Fortress Investment Group. Vice has a cable channel with the same name and makes documentaries and other videos for their own company and others.

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