Posted on 02/19/2023 4:19:42 PM PST by Twotone
Vice Media has secured more than $30 million in debt financing from a large investment group, as the media company looks to sell itself despite being millions of dollars in debt.
As reported by the Wall Street Journal, Vice is taking financing from Fortress Investment Group, a firm that does business in credit, private equity, and "permanent capital vehicles." The company often invests in railroads and senior living.
According to a source of the Wall Street Journal, Vice owes millions of dollars to advisers and vendors, some of whom haven't been paid in over six months. Some of the companies have even sent their accounts to collections agencies.
Air.TV is one of the companies that is willing to come forward about the debts, providing a statement to the New York outlet about an outstanding $400,000 owed by Vice for ad and content placement.
“We can survive this, but this amount for us is crushing,” says Air.TV CEO and founder Luke McDonough.
(Excerpt) Read more at theblaze.com ...
Vice's programming consists primarily of lifestyle-oriented documentaries and reality series aimed towards millennials... (wikipedia)Sounded great to investors. Don't look at photos of the principles and personalities -- says everything that's wrong with the self-appointed models of millennial "lifestyles".
Hopefully the vendors will hire Guido to collect...I hear he does not take “no” for an answer.
Used to be an edgy company, but got bitten by the woke bug.
Wonder which of the usual suspects got their hooks in them. Those "investment bankers" can bleed a company dry. Rare that they get behind on getting paid, however.
Some of their stuff was good.
A lot was bad.
All looked expensive to do. They had a show where a chemist would do drugs and describe what they did chemically. Sort of Breaking Bad with reality TV.
But yeah, not surprised they were broke.
Looked it up. Can’t say they are names that I recall having come across before. May explain things.
PJT Partners and LionTree
Just another stupid media company that couldn’t manage its money. Yawn. What’s interesting is how they managed to get suckers to give them another 30million clams.
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