Vice Media files for bankruptcy as ad business suffers

The company previously said that it would cancel its popular "Vice News Tonight" program as part of broader restructuring efforts

Vice said the lender consortium that includes Fortress Investment Group, Soros Fund Management and Monroe Capital will provide about $225m (€206.8m) in credit bids. (Photo by Mario Tama/Getty Images)

Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures.

The bankruptcy filing is a fallout of a challenging period for many technology and media companies that have been cutting costs to survive a weak advertising market amid slowing economic growth.