Vice had been seeking a buyer to avoid bankruptcy, and five companies had expressed interest in acquiring it, The New York Times reports.
However, the chances of a deal being struck are becoming increasingly slim. Vice has experienced a precipitous fall from grace, having secured millions in investment from media giants like Disney and Fox, before falling on hard times.
The company's largest debtholder, Fortress Investment Group, could end up controlling Vice in the event of a bankruptcy filing. Despite the prospect of bankruptcy, the company is said to continue operating normally and will hold a 45-day auction to sell the company.
Last week, Vice closed its global reporting initiative, Vice World News, which was seen as a departure from the company's gonzo journalism roots.
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