Vice, the brash digital-media disrupter that charmed giants like Disney and Fox into investing before a stunning crash-landing, is preparing to file for bankruptcy, the New York Times reported. The filing could come in the coming weeks. The company has been looking for a buyer, and still might find one, to avoid declaring bankruptcy. More than five companies have expressed interest in acquiring Vice, according to a person briefed on the discussions. The chances of that, however, are growing increasingly slim. A bankruptcy filing would be a bleak coda to the tumultuous story of Vice, a new-media interloper that sought to supplant the media establishment before persuading it to invest hundreds of millions of dollars. In 2017, after a funding round from private-equity firm TPG, Vice was worth $5.7 billion. But today, by most accounts, it’s worth a tiny fraction of that. In the event of a bankruptcy, Vice’s largest debtholder, Fortress Investment Group, could end up controlling the company. Vice would continue operating normally and run an auction to sell the company over a 45-day period, with Fortress in pole position as the most likely acquirer.
