Vice, Decayed Digital Colossus, Files for Bankruptcy
Investments from media titans like Disney and shrewd financial investors like TPG, which spent hundreds of millions of dollars, will be rendered worthless by the bankruptcy, cementing Vice’s status among the most notable bad bets in the media industry. Like some of its peers in the digital-media industry, including BuzzFeed and Vox Media, Vice and its investors bet big on the rising power of social media networks like Facebook and Instagram, anticipating they would deliver a tide of young, upwardly mobile readers that advertisers craved. Though readers came by the millions, new media companies had trouble wringing profits from them, and the bulk of digital ad dollars went to the major tech platforms.
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