The Cult of Free is Over

It was always fake, gay, and propped up by free money handed out to the ticket-takers. And now that the free money flow has been shut off, the propped-up organizations are failing one after another.

The American-Canadian digital media and broadcasting company Vice is preparing to file for bankruptcy, New York Times has reported citing two people with knowledge of its operations.

This news of bankruptcy comes just days after after the well-regarded TV and online video outlet laid off staff and canceled its flagship program Vice News Tonight. Last week, Vice Media said it will cancel popular TV program “Vice News Tonight” as part of a broader restructuring that will result in job cuts across the digital media firm’s global news business, capping years of financial difficulties and top-executive departures.

Vice, which operates a cable channel of the same name and creates documentaries and other video content for its own outlets and others, was once valued at $5.7 billion. Investors included Walt Disney Co. and Fox Corp., although their equity may now be worthless, the Times said. Its largest debt holder is Fortress Investment Group, according to the newspaper.

This potential bankruptcy also comes at the time when several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.

This is why it is so important to support projects like Arkhaven, Castalia Library, and UATV with your subscriptions. And the strong foundation provided by the subscribers is why these projects not only survive, but continue to thrive, while their much larger competitors are collapsing.

The deplatforming and demonetization by various platforms actually did us a favor when viewed in retrospect, as it forced us to prepare for times such as these several years in advance. Sometimes, the silver lining proves more significant in the long-run than the black cloud.