Vice Media Files for Bankruptcy Protection

Vice Media, once a digital video upstart formerly valued at nearly $6 billion, on Monday filed for bankruptcy protection.

Vice launched in Montreal, Canada, in 1994 as a free magazine focused on alternative music and culture. Backed by money from other media companies as well as blue-chip Silicon Valley investors, the company eventually branched into online video and documentaries catering to millennials.

Vice moved its headquarters to New York City and grew so quickly that co-founder Shane Smith once quipped that the company would use its ample funding to pursue “total media domination.”

Read the source article at cbsnews.com