Vice Media Group, the company behind the media websites Vice and Motherboard, is due to file for bankruptcy, according to the New York Times.
Five companies have expressed interest in the media group and a sale could be considered to avoid bankruptcy, which would otherwise happen in the next few weeks. Vice's debtholder Fortress Investment Group could be left in control.
The possible bankruptcy follows the trend of other media and technology firms which have downsized in recent months due to a challenging economy and a weak advertising market. One of these is BuzzFeed Inc (BZFD.O) who recently announced they would be closing their news division.