Vice files for bankruptcy protection

Vice Media Group on Monday filed for bankruptcy protection as it tries to organize a sale. Under the potential deal, a group of lenders, including Fortress Investment Group, Soros Fund Management and Monroe Capital, would provide $225 million in credit and assume significant liabilities in exchange for the assets of the company, which owns popular websites Vice and Motherboard. Vice, once valued at $5.7 billion, has struggled with financial difficulties and the departure of top executives for years. Vice started as an alternative magazine in Montreal nearly 30 years ago, and gained popularity in recent years for its documentary-style videos. Its fall came despite a shared Pulitzer Prize in 2020 and multiple Emmys for Vice News Tonight.