Vice Media preparing to file for bankruptcy

In the event of bankruptcy, Vice's debtholder Fortress Investment Group could end up controlling the company

Vice Media offices display the Vice logo at dusk in Venice, California. (Photo by Mario Tama/Getty Images)

Vice Media Group, the company behind popular media websites such as Vice, Motherboard, i-D and Refinery29 is preparing to file for bankruptcy, the New York Times reported on Monday, citing people with knowledge of its operations.

The media firm has received interest from five companies and might consider a sale to avoid bankruptcy, the NYT report said, adding that in the event of a bankruptcy, which could happen in the coming weeks, Vice's debtholder Fortress Investment Group could end up controlling the company.