The Party is Over at Vice Media, and Why it Matters – May 2023 M&A Activity
SOURCE - The Target Report
Vice Media Group Files for Bankruptcy
Digital media upstart, darling, and enfant terrible Vice Media filed for Chapter 11 bankruptcy protection on May 15th. At its height, the company was valued at $5.7 billion. The stalking horse bid in the sale process to be conducted under the supervision of the US Bankruptcy Court sets the minimum bar for an alternative bidder at $225 million. This represents a decline of 96% in market value from the peak high-value mark accorded to Vice Media in June of 2017.
On April 20th, another beloved digital internet media company, BuzzFeed, announced it was shutting down BuzzFeed News, its online news site, with additional layoffs planned across the organization. Founded in 2006, nerdy BuzzFeed made headlines in 2014 when it raised $50 million of funding from Andreesen Horowitz, one of Silicon Valley’s premier venture capital firms. In 2016, NBC Universal invested its second $200 million round in BuzzFeed which brought the total enterprise value of the company to $1.5 billion.