"The Downfall of Vice News: Shane Smith's Last Stand"
Shane Smith, the founder of Vice, orchestrated a last-minute deal to save the company from bankruptcy, securing a $350 million sale to Fortress Investment Group. Despite Vice's previous $5.7 billion valuation, it faced financial struggles and ultimately had to exit the news business. Smith's ability to attract investment was based on selling a "cool" image and a sought-after youth audience, but Vice's reliance on external funding and lack of consumer revenue led to its downfall. The company's future now lies in becoming a business-to-business entity, leaving behind its direct-to-consumer strategy.
