A US digital publisher that mainly caters to young people has failed. Vice Media filed for Chapter 11 bankruptcy protection with a court on Monday, with estimated liabilities of up to one billion dollars.
Launched in Canada in 1994, the company later moved to New York, where it became a global media firm. Vice won high acclaim for its coverage of Iraq and Syria, where the Islamic State militant group was active.
US media attribute the company's downfall to a decline in online ad revenue, amid intense competition with IT giants to attract advertising.
Vice says it plans to complete the sale of its assets in two or three months, and that its media brands will continue to produce content in the meantime.
Another US digital media company BuzzFeed recently announced the closure of its news division, citing a decline in ad revenue.