![]() Vice secured more than $30 million in debt refinancing in February from Fortress Investment Group, which is one of the company's largest creditors. Now the company is reportedly struggling to sell its assets for more than $1 billion. Investors valued the organization at $5.7 billion in 2017, but Vice reportedly missed its revenue target that year by more than $100 million. SEE MORE: Where Gen Z gets its news: Social media However, Vice eventually succumbed to the loss of interest in digital media companies and has failed for years to turn a profit, prompting investors like Disney to write down their contributions. The company won numerous awards for its journalism and storytelling. Instead, the show's correspondents and producers created immersive, documentary-style reports that took viewers deep into stories that were often overlooked by mainstream media outlets. It diverted from traditional shows and did not rely on anchors or pundits to deliver the news. In its heyday, Vice produced a nightly news program called "Vice News Tonight" that aired on HBO. The company went on to attract investments from major television companies like The Walt Disney Company, 21st Century Fox and A&E Networks. The company, which was founded in 1994 as a music, art, and trends magazine in Montreal, blossomed into a global news media empire with operations in dozens of countries. The New York Times first reported that the company has been seeking a buyer to avoid failure, and could still find one, but chances are now considered slim. The digital media company Vice, which was once valued at nearly $6 billion, is reportedly preparing to file for Chapter 11 bankruptcy.
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