Vice Media files for bankruptcy

NEW YORK — Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.

Vice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit. Other parties also will be able to submit bids.

The company expects the sale to conclude in the next two to three months. During the process, Vice’s media brands will continue to produce content, and the company will keep paying its employees and vendors, according to a Monday news release.

In a prepared statement, Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala said the “accelerated court-supervised sale process” will strengthen the company and position it for long-term growth, “thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms.”

Vice assets and liabilities are worth $500 million to $1 billion, according to Monday’s filing.

The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs — that was expected to impact more than 100 employees in the company’s 1,500-person workforce, the Wall Street Journal reported. The company also said it would end its Vice World News brand.

Over the years, Vice developed a reputation for in-your-face journalism that covered daring stories around the world. In 2017, Vice was valued at $5.7 billion.