US media outlet Vice could file for bankruptcy in coming weeks

WASHINGTON - US media outlet Vice could file for bankruptcy in the coming weeks after failing to find a buyer so far this year, reported Sputnik.

The New York Times on Monday, citing people familiar with the matter, the company still has time to find a buyer, and more than five companies have shown interest.

Vice was worth US$5.7 billion in 2017, but it is now valued at a small fraction of that estimate, according to the report.

If Vice falls into bankruptcy, the company could end up being controlled by its largest debt holder, Fortress Investment Group.

The news company, according to the report, struggled for years to earn a profit and has made several rounds of layoffs. -Bernama/Sputnik