Business
Vice Media Files For Chapter 11 Bankruptcy
NEW YORK – Vice Media, the most recent digital media company to fall after a spectacular rise, filed for Chapter 11 bankruptcy protection on Monday.
A group of lenders, including Fortress Investment Group, Soros Fund Management, and Monroe Capital, is buying Vice Media for around $225 million and taking on a major portion of the company’s debt. Other parties will also be able to submit bids.
Vice Media anticipates completing the sale within the next two to three months. It stated that its media brands will continue to produce content and that the company will continue to pay its employees and vendors during the process.
Vice Media co-CEOs Bruce Dixon and Hozefa Lokhandwala stated in a prepared statement that the “accelerated court-supervised sale process” will strengthen the company and position it for long-term growth, “thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies, and platforms.”
According to the disclosure on Monday, vice assets and liabilities are worth between $500 million and $1 billion.
According to the Wall Street Journal, the bankruptcy filing comes only weeks after the firm announced that it would eliminate its flagship “Vice News Tonight” program as part of a wave of layoffs affecting more than 100 of its 1,500-person workforce. The corporation also announced the demise of its Vice World News brand.
A broader wave of media layoffs and closures has occurred, including employment cuts at Gannett, NPR, the Washington Post, and other organizations. BuzzFeed Inc. stated in April that its Pulitzer Prize-winning digital media company BuzzFeed News would be shuttered as part of its corporate parent’s cost-cutting push.
Vice Media, the most recent digital media company to fall after a spectacular rise, filed for Chapter 11 bankruptcy protection on Monday.
This year, digital advertising has plunged, reducing the income of big technology corporations ranging from Google to Facebook.
“Advertising is down across the board, so it’s a litmus test for a lot of digital publications,” Megan Duncan, an assistant professor at Virginia Tech’s School of Communication, told The Associated Press.
Duncan and others also mentioned the shifting nature of social media, a sector where sites like Vice formerly flourished in terms of audience reach.
“One of the things I think really hurt Vice Media, and thus BuzzFeed, is social media networks like Facebook changing their algorithms,” said Jason Mollica, professor at American University’s School of Communication. “You’re losing money when you’re not bringing in the numbers you’d expect from advertising.”
Aside from advertising and the changing digital landscape, Mollica and Duncan highlighted today’s news consumers’ changing habits and the obstacles media firms face in reaching viewers.
Vice Media, the most recent digital media company to fall after a spectacular rise, filed for Chapter 11 bankruptcy protection on Monday.
“With such a focus on youth, it can be really difficult to keep being youth-oriented — and change your brand and appeal for the next generation,” Duncan explained.
Duncan also stated that Vice has relied on several rounds of investment and investors throughout the company’s existence and “never really found the business model in its most recent, modern digital age that was going to sustain it.” Aside from that, the corporation has a “complicated history” with issues in leadership and personnel, she added.
Vice Media’s origins may be traced back to 1994 when Vice’s inaugural punk magazine was launched in Montreal. Vice quickly relocated to New York and grew into a global media organization.
Vice Media has built a reputation for outspoken journalism that has covered bold subjects worldwide, particularly among new, youthful audiences on digital media. Other assets of the media organization include film and television production, an in-house marketing agency, and brands such as Refinery 29 and Unbothered.
In recent years, the media organization has struggled to earn a profit. According to the disclosures on Monday, Vice has a total outstanding debt of $834 million.
Vice Media was valued at $5.7 billion in 2017. However, according to The New York Times, most experts now believe the company is worth only a fraction of that.
The bankruptcy filing on Monday comes just months after Nancy Dubuc announced her resignation as CEO. Dixon and Lokhandwala, both experienced Vice executives, have been named co-CEOs.
Dubuc took over for Vice co-founder Shane Smith in 2018 after a 2017 Times investigation revealed systemic sexual harassment and misbehavior at the organization.
SOURCE – (AP)
NEW YORK — Tesla reduced the price of its “Full Self Driving” system — which cannot drive itself and requires drivers to remain attentive and ready to intervene — by nearly a third to $8,000 from $12,000, according to the company website.
Penn Today – VOR News Image
Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000
Tesla CEO and billionaire Elon Musk stated in 2019 that there would be a fleet of robotaxis on the road by 2020, but that promise has yet to be fulfilled, and the system must still be supervised by humans.
The cutbacks, which took effect on Saturday, follow Tesla’s decision to trim $2,000 off the pricing of three of its five models in the United States late Friday. That is the most recent example of the difficulties that the electric vehicle manufacturer is facing.
Electric – VOR News Image
Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000
Tesla dropped the costs of its most popular model, the Model Y, a small SUV that is the best-selling electric vehicle in the United States, as well as the Models X and S, which are older and more expensive. Prices for the Model 3 car and Cybertruck remained unchanged.
KBB – VOR News Image
Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000
The price cut comes a day after Tesla’s stock fell below $150 a share, wiping out all gains recorded in the previous year. The Austin, Texas-based company’s stock price has fallen almost 40% this year due to declining sales and growing competition. Discounted sticker prices are intended to entice more car purchasers.
SOURCE – (AP)
TOKYO — Japan’s antitrust authority stated Monday that Google, the US search giant, must rectify its advertising search restrictions that impact Yahoo in Japan.
The Japan Fair Trade Commission said in a statement that a recent investigation into Google’s activities revealed that it was hurting fair competition in the advertising sector.
Blog Spot – VOR News Image
Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo
Yahoo Japan Corp., which later merged with the Japanese social media platform Line, began offering keyword-targeted search advertising services utilizing Google’s technology after the two businesses forged a partnership in 2010.
The FTC claims that Google imposed limits in its search advertising deal with Yahoo Japan for more than seven years, limiting its ability to compete in focused search ads.
An FTC investigation into whether this violated the Anti-Monopoly Law prompted Google to lift the limitations.
Google said in an emailed statement that it has fully cooperated with the commission’s investigation and that the agency has not determined that it has breached antitrust laws. It committed to follow the commission’s orders and provide “valuable” search services to Japanese consumers and marketers.
RMW – VOR News Image
Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo
Line Yahoo declined to comment.
Google will be subject to a three-year review to ensure that necessary improvements are implemented, according to the commission. It did not impose any fines or other penalties on Google, which remains popular in Japan.
The commission’s decision comes after another setback for Google in Japan. Japanese doctors launched a civil case against the corporation last week, seeking damages for what they call baseless, insulting, and frequently inaccurate statements.
White & Case – VOR News Image
Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo
The Tokyo District Court lawsuit seeks 1.4 million yen ($9,400) in damages for 63 medical professionals who posted ratings on Google Maps.
Google responded by saying it is working “24 hours a day” to remove misleading or incorrect content on its platform, using human and technology resources “to delete fraudulent reviews.”
SOURCE – (AP)
Tesla reduced the pricing of three of its five models in the United States by $2,000 late Friday, highlighting the issues facing the electric vehicle firm run by billionaire Elon Musk.
The business reduced the costs of the Model Y, a small SUV that is Tesla’s most popular model and the best-selling electric vehicle in the United States, as well as the versions X and S, which are older and more expensive versions. Prices for the Model 3 car and Cybertruck remained unchanged.
AP – VOR News Image
Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
The reductions dropped the starting price for a Model Y to $42,990, $72,990 for a Model S, and $77,990 for a Model X.
The decision comes a day after Tesla’s shares fell below $150 per share, wiping out all gains earned over the previous year. The Austin, Texas-based company’s stock price has fallen almost 40% this year due to declining sales and growing competition. Discounted sticker prices are intended to entice more car purchasers.
Musk announced early Saturday on X, the social media site that was previously known as Twitter, that the cost of an entry-level Tesla could be as low as $29,490 after accounting for a federal tax credit and gas savings.
Industry observers have been waiting for Tesla to unveil the Model 2, a tiny electric vehicle for approximately $25,000. This month’s media rumors that Musk intended to cancel the project added to uncertainty about the company’s direction, but Musk denied the reports.
AP – VOR News Image
Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
The price drops marked the end of a long workweek for Tesla, which said on Monday that it would be laying off 10% of its global workforce, or approximately 14,000 employees. The company also announced the recall of roughly 4,000 of its 2024 Cybertrucks after discovering that the accelerator pedal could become stuck, enabling the vehicle to accelerate accidentally and increasing the danger of a crash.
Musk stated on Saturday that he has postponed a planned weekend travel to India to meet with Prime Minister Narendra Modi due to “very heavy Tesla obligations.” He expressed on X that he was looking forward to rescheduling the visit for later this year.
Tesla is slated to report first-quarter profits on Tuesday.
reuters – VOR News Image
Le Auto – VOR News Image
Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
The business stated earlier this month that its global sales declined substantially from January to March as competition grew, electric car sales growth stagnated, and previous price cuts failed to attract additional buyers.
Tesla’s quarterly sales fell year on year for the first time in nearly four years.
SOURCE – (AP)
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