Vice Media, the onetime new media darling that declared bankruptcy three months ago, is moving out of its Brooklyn offices as the company looks to save on real estate costs after a restructuring.
(Bloomberg) — Vice Media, the onetime new media darling that declared bankruptcy three months ago, is moving out of its Brooklyn offices as the company looks to save on real estate costs after a restructuring.
Most of the company’s staff will work remotely on a temporary basis until Vice finds a new office somewhere in New York City, co-CEOs, Bruce Dixon and Hozefa Lokhandwala, said in a memo to staff.
The company’s office on South 2nd Street in Brooklyn, “has a larger-than-life place in the minds of many of us,” the executives said. But it has “become increasingly unsuited to the needs of our evolving business.”
The space, designed to show off the company’s edgy approach to news, included, among other fixtures, a life-sized grizzly bear.
In June, Vice won court approval to sell its main business to a group of its lenders led by Fortress Investment Group, Soros Fund Management and Monroe Capital in a transaction worth roughly $350 million.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.