updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Before this announcement, Vice Media had begun to restructure its global organizational workforce.
American-Canadian digital media company Vice Media Group has filed for Chapter 11 bankruptcy after several years of financial struggle. The company, which was valued at $5.7 billion in 2017, is currently worth less than $1 billion. Top executives of the media giant have failed to give any detailed evaluation of the company’s net worth.
Vice Media’s lenders are planning to take on administrative control of the company through necessary filings. These lenders include Fortress Investment, Soros Fund Management, and Monroe Capital. About five companies have previously shown interest in purchasing the media company.
Vice Media has completed filing for Chapter 11 bankruptcy with the US Bankruptcy Court for the Southern District of New York. After the approval of the application, interested parties can bid for the company. The inclusion of credit bids will allow the new administrators to swap secured debt for company assets instead of paying in cash. Notably, the consortium’s bid includes a commitment fee of $20 million in cash to cater to the company’s daily activities throughout the sale process. The sale process is expected to last for 2-3 months.
The bankruptcy filing covers Vice Media’s multi-platform media brands like Vice News, Vice TV, Pulse Films, Virtue, Refinery29, and i-D. It does not include Vice’s international entities and Vice TV’s joint venture with A&E.
During a short interview with Vice Co-CEOs, Bruce Dixon and Hozefa Lokhandwala, it was mentioned that the sale process would enhance the company’s affairs and prepare it for long-term growth.
They said:
“We will have new ownership, a simplified capital structure, and the ability to operate without the legacy liabilities that have been burdening our business.”
Before this announcement, Vice Media had begun to restructure its global organizational workforce. Over the last few months, Vice Media has laid off many workers to slim down their cost of production.
According to the media company, any group intending to purchase her assets will provide $225 million in the form of a credit bid. The fees will also cover some of Vice’s significant liabilities.
Vice Media is not the only digital company forced to restructure its organization due to bankruptcy. Buzz Feed (NASDAQ: BZFD), a global media and technology company, has shut down its news broadcast division and laid off a larger number of its workers. Generally, the low revenue generation in the media space is caused by the sluggish economy and weak advertising market.
Vice began its journey as a magazine that addresses youth-related issues and invariably gained an outstanding presence on social media. The then-thriving company is filing for bankruptcy, which was indirectly caused by the spike in online advertisement championed by Google and Meta. Last year, the media company fell below its targeted revenue mark by more than $100 million.
Read other business news on Coinspeaker.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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Executive vice-chairman of China’s biggest online retail platform Alibaba, Joe Tsai took Twitter by storm earlier today when he tweeted “I like crypto.” What made it even more prominent is the fact that China has taken a no-nonsense policy against crypto banning all forms of crypto mining and declaring crypto transactions as illegal.
I like crypto
— Joe Tsai (@joetsai1999) December 28, 2021
Binance CEO Changpeng Zhao was quick to notice the tweet and responded with “I like Joe.” While the Chinese government has banned crypto more than a dozen times, but Chinese crypto traders often find a way to bypass the ban. Even after an all-out ban on foreign exchanges, many Chinese crypto traders turned to Defi to sweep under the radar of government surveillance.
I like Joe https://t.co/axjaRtPoe3
— CZ
Binance (@cz_binance) December 28, 2021
Non-Fungible Tokens (NFTs) have got very popular among Chinese artists and businesses despite a looming uncertainty from the government. Recently, Baidu, the Chinese equivalent of Google filed for NFT patents despite a recent warning issued by the state media outlet.
It is not new for Chinese tech giants to show interest in emerging technologies unless and until they are warned by the state authorities. Last year, a press release from Alibaba group hinted at possible crypto payment integration leading to worldwide media attention, but the firm had to later retract the comments and said they won’t be adding any foreign crypto option until the government’s approval. China has made it clear that anything apart from its CBDC would be deemed illegal for use.
Alibaba’s former executive Chief Executive Officer (CEO) and founder Jack Ma was also at the center of media attention around the world after he suddenly vanished from the public eye reportedly after criticizing the government over its policies. Thus it is to be seen how the recent comments on crypto by the executive vice-chairman play out.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Charles Hoskinson, Cardano founder and IOHK chief executive, will be holding meetings with startups across Africa next week. He will consult them on how to use his blockchain to solve local problems.
Hoskinson has said many times African countries needed a safe and strong financial system. Rising digital adoption on the continent, a predominantly young population, and the notable absence of any legacy monetary systems point to Cardano’s good prospects.
While there’s no understating Africa’s economic needs, Cardano does have its own agenda. As competition within DeFi gets more severe, Cardano’s prospects of becoming the next Ethereum killer are being dampened with the latter announcing plans to become more energy efficient as early as next year.
Cardano’s native token, ADA, is struggling against red despite hosting the Cardano Summit in September, during which there were quite a few reports about commercial offices specifically for Africa.
It’s indisputable that crypto provides a viable alternative to traditional finance for African countries, where financial services are less accessible to the public than on other continents. The continent has historically struggled with infrastructure issues, and Cardano was first platform to popularize the use of PoS.
Cardano is facing competition from coins like Polkadot, Avalanche, and Solana – all potential Ethereum killers in their own right. All of their tokens are seeing a growth in market value, which usually means greater consumer interest.
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After Ethereum jumps the energy efficiency bandwagon, the climb will only get steeper. Recently, Cardano’s ADA dropped from third to fourth by market cap. What’s more, ADA must close a gap of over $300 billion if it’s serious about catching up to Ethereum.
During his keynote address at the Blockchain Africa 2021, Charles Hoskinson said:
The first countries that hold national elections online that are credible, free, fair, and auditable are likely to be African nations. They will be the first countries to have an end-to-end digital identity and economy.
Lofty goals aside, survival is the main issue here. In the future, many cryptos will coexist, like they do now. However, existence presupposes mass adoption by developers as well as users. Community support is what will help one digital asset or another stand against the test of time.
