Once valued at around $5 billion, Vice Media announced Thursday it is essentially shutting down its eponymous news website and lay off hundreds as the company faces its likely breakup by creditors after declaring bankruptcy last May, the Associated Press reports.
Frequently lauded for producing pieces for the overlooked (and highly profitable) young adult news consumers, Vice was seen as a “new media” darling. While the website was still available, the new management said it will not be updated. Its publishing arm, Refinery 29, will be sold off. The closure comes within a 12-month period where online media sites Jezebel, BuzzFeed News, and the Messenger all shut down operations.