Vice Media, once a digital media darling, is bankrupt

Vice Media, as soon as a digital video upstart previously valued at almost $6 billion, on Monday filed for chapter safety.

Vice launched in Montreal, Canada, in 1994 as a free journal centered on various music and tradition. Backed by cash from different media corporations in addition to blue-chip Silicon Valley buyers, the corporate finally branched into on-line video and documentaries catering to millennials. 

Vice moved its headquarters to New York Metropolis and grew so rapidly that co-founder Shane Smith as soon as quipped that the corporate would use its ample funding to pursue “whole media domination.”

In accordance with its Chapter 11 submitting, Vice has belongings and liabilities starting from $500 million to $1 billion.

Vice is the second digital information enterprise to go bust in latest weeks. In April BuzzFeed moved to tug the plug on its information operation and laid off 180 employees amid a pointy drop within the firm’s development.

This can be a creating story.

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