RapidEye/Getty Images(NEW YORK) Vice Media, the youth-oriented publisher of prominent online outlets such as Vice and Motherboard, filed for bankruptcy on Monday, underscoring the fraught economic environment for digital media companies as economic growth slows and the advertising market softens.
The group of sites, which includes food outlet Munchies and fashion news brand Refinery29, will continue publishing as the Chapter 11 bankruptcy process unfolds and the site takes on new ownership, Vice Media said in a statement.
The bankruptcy announcement will facilitate the sale of Vice Media to a group of its top lenders led by Fortress Investment Group and Soros Fund Management which has agreed to an acquisition of the company that values it at about $225 million, the statement said.
"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
RapidEye/Getty Images(NEW YORK) Vice Media, the youth-oriented publisher of prominent online outlets such as Vice and Motherboard, filed for bankruptcy on