Felix Upton on May 2, 2023
Fans love Dark Side of the Ring’s ability to tell stories from pro wrestling history that might have been otherwise swept under the rug. It seems that the popular show’s host network is going through a bit of a financial issue.
Deadline reports that Vice media group, which includes Vice TV, is set to file for bankruptcy. This comes as the company has struggled to find a buyer.
Vice media group was once valued at $5.7 billion in 2017, but things are much different now. The Deadline article further noted that this came after the year did not start very well for the media group.
It comes after a tumultuous start to the year for the company, which saw Nancy Dubuc exit after five years, replaced by Bruce Dixon and Hozefa Lokhandwala, as well as the departure of Global President of News & Entertainment Jesse Angelo to launch his own production company.
The company went through another series of layoffs last week. This move saw them streamline their news division and cancel its signature show, Vice News Tonight.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement to the New York Times. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
It was also reported that the company is looking for a new buyer, and they might land on one in the next few weeks. “Fortress Investment Group is the company’s largest holder of debt and if Vice enters Chapter 11 would likely control the business.”
Vice was founded in 1994, and they saw a huge boom in popularity as an alternative news source. Their cameras went places that other networks wouldn’t dare, which saw them generate a substantial counter-culture following. Sadly, it seems that the Vice we once knew is a thing of the past.
What’s your take on Vice media group selling the company? Sound off in the comments!
May 2, 2023 9:56 am
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