ALBAWABA - The owner of Vice and Motherboard websites has filed for bankruptcy in the United States. However, until then the company said that it will continue working, BBC reported on Monday.
The company of both Vice and Motherboard is expected to be sold to a group of its lenders.
Data showed that the Vice Media Group, which was valued at $5.7 billion six years ago, could be sold for $225 million only.
Vice Media Group was launched in 1994 as a fringe magazine called Voice of Montreal by Shane Smith, Gavin McInnes and Suroosh Alvi. Nowadays, Vice operates in more than 30 countries.
In August 2019, Vice announced laying off staff, as part of a shift towards news that would involve merging Viceland and Vice News.
Nevertheless, this month, the company prepared to file for bankruptcy. Now, it formally filed for chapter 11 bankruptcy as part of a plan to sell itself to a consortium of companies, reports showed.