Vice Media in plans to file for bankruptcy

The following excerpt was sent out from the Financial Post:

Vice Media is preparing to file for bankruptcy, capping the rapid fall of a former industry darling that attracted investment from the world’s largest entertainment companies.
The online media company has been looking for a buyer but is now preparing for a possible bankruptcy filing in coming weeks, said a person familiar with the discussion, confirming a New York Times report. The decision comes about a week after the well-regarded TV and online video outlet laid off staff and cancelled its flagship program Vice News Tonight.
Vice “has been engaged in a comprehensive evaluation of strategic alternatives and planning,” a spokesman said in a statement. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
The company’s rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy and route marketing toward tech platforms from Facebook and Google to TikTok. Journalism can be more expensive than other forms of online content, making the business an easy target for cost-cutting.