![]() ![]() ![]() ![]() Many of the affected staff have yet to receive severance. However, to stay liquid in the interim, Vice secured an additional $60 million loan.ĭespite these measures, the episode derailed the company, and on April 27, Vice shut down Vice World News, eliminating more than 100 jobs in the process. Mandarin Oriental, Marrakech Offers an Exotic Summer Getaway with Côte dAzur Vibes. If its an earnings press release, the release will discuss the companys financial results for the recently. Mandarin Oriental Jumeira, Dubai opens Kind by M.O., a new eco-concious concept store. However, when the primary commissioner of Vice World News content, a company called GMNC, failed to provide a $34 million payment in January, Vice found itself in a cash shortfall.įollowing a back and forth, GMNC agreed to pay Vice $50 million to terminate its contract. Press Release: News that is sent out or released by the company making the news. VICE Media Group is a global multi-platform media company with a global reach of over 400 million people. The proposal would raise capital on average by 16 percent. Vice World News collapses, and Vice declares bankruptcyīy this point, the company’s financial flexibility had grown so constricted that a missing payment from a key vendor triggered its collapse.įor years, the company had relied on its Vice World News operation to provide reliable revenue, and in 2022, it generated $134 million. In total, by May, Vice owed $834 million. The companyonce worth 5.7 billioncould sell for as little as 225 million. This $475 million loan joined the $329 million loan Vice raised in 2022, a $9.8 million loan from JPMorgan Chase and a $21 million loan related to its acquisition of Pulse Films to comprise the bulk of its outstanding debt. On May 15, Vice Media filed for Chapter 11 bankruptcy, and it is now in the midst of a court-supervised sales process. This loan was related to the 2019 loan, and the two, when combined with the interest-rate hikes from its December default, eventually totaled $475 million. For Digital Publishers, Ad-Supported News Remains an Unsolved PuzzleĪs the company grew more desperate to sell itself, it again faced a cash shortfall and in the spring, raised $57 million in debt. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |