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Vice Media, which at one time enjoyed backing from both George Soros and Disney, was only six years ago valued at $5.7 billion. The leftist company, whose media outfits went day-tripping through degenerate dreams and criminal nightmares, is now reportedly headed for bankruptcy.
This turn of fate — for an unprofitable organization whose employees routinely sought to normalize sexual deviancy, including pedophilia, and lambaste conservatives — has been celebrated by some on the right keen to note that organizations that "go woke, go broke."
Two people familiar with the company's operations told the New York Times that the bankruptcy filing is likely just weeks away.
The fatal blow could be avoided if the company finds a buyer, and with several interested parties, that is a real possibility. However, the insiders who spoke to the Times indicated that while possible, chances of a takeover are slim.
The New York City-based Fortress Investment Group, Vice's biggest debt holder, could end up in control. As senior debt holder, it will get paid first if Vice gets sold. Disney, which poured over $400 million into the company, and other such investors will reportedly see nothing back.
Despite the filing, the company is expected to continue operating and churning out leftist content, reported the Guardian.
This titan fall comes just weeks after BuzzFeed CEO Jonah Peretti confirmed his company was shuttering its news division. CNN, the Washington Post, NPR, Gannett, NBC News, Vox Media, and other liberal media companies have laid off workers in recent weeks, citing a rough "economic climate."
Last week, Vice Media canceled its flagship program "Vice News Tonight" and signaled an end to its Vice World News brand, its dedicated audio unit, and its Vice World News short-form video team, reported CNN.
"In response to the current market conditions and business realities facing [Vice Media Group] and the broader news and media industry, we are moving forward on some painful but necessary reductions, primarily across our News business," co-chief executives Bruce Dixon and Hozefa Lokhandwala told employees.
Dixon and Lokhandwala added, "We are transforming Vice News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most."
Possibly foreseeing this dead end, the company's former chief executive Nancy Dubuc jumped ship in February. Jesse Angelo, global president of news and entertainment at the Vice Media, similarly ditched, announcing on March 1 that he was leaving.
While Vice sinks, many commentators online have suggested that the iceberg responsible was its own content.
Jefferey Jaxen, an investigative journalist with HighWire News, noted on Twitter that Vice Media "made a living gleefully targeting those who question vaccines. A search shows they wrote 6,671 articles calling people the inaccurate, prejudiced & purposely misleading word 'anti-vaxxer' rather than seeking understanding, they created division...Good Riddance."
Twitter CEO Elon Musk responded to the news of Vice's prospective bankruptcy, writing, "Go woke, go ... It's been a while since they made quality content."
Musk also shared a link to a Vice documentary about people having sex with donkeys, ostensibly to highlight the sarcasm in his suggestion that Vice may have at some stage made "quality content."
Benny Johnson, a journalist with Turning Point USA, noted that BuzzFeed News, Vice, and Gawker were all but "dead" and that there were layoffs at various liberal outlets. His takeaway: "Hive-mind vomiting the same fussy, pretentious lefty propaganda into the faces of your audience has an end point, that end point is bankruptcy."
Former Vice Media reporter Tim Pool attributed the company's failure in part to its transformation into "hall monitors" for the liberal establishment.
"All they did was start ponying up to the establishment narrative and people don't care for that, especially young people," said Pool. "This is what Bud Light did. Vice went to their readers and said, 'Now that we have investment, we don't care about you and we're going to target a different demographic.' And guess what? The younger demographic did not care. They did not care for the hall monitor style of content."
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Joseph MacKinnon is a staff writer for Blaze News.