Vice Media, the digital company once valued at nearly $6 billion, filed for Chapter 11 bankruptcy Monday. After launching as a magazine 29 years ago in Montreal, the startup expanded, launching a flagship website and acquiring the Virtue ad agency, Pulse Films and the women-focused Refinery29. Vice’s businesses will continue operations throughout the bankruptcy process, which includes a sale to take place within 55 days. Vice lenders including Fortress Investment Group and Soros Fund Management have joined forces to acquire the company, submitting a bid of $225 million and agreeing to assume “substantial debt.” Continue reading Vice Media Files Chapter 11 with Sale Set for Within 55 Days

Having survived global theater closures due to COVID-19, a Chapter 11 bankruptcy and a change in ownership, MoviePass is back. Informally known as MoviePass 2.0, the company has launched a website for MoviePass Beta that says it is “launching to the public summer 2023.” The resurrection of MoviePass appears well-timed to take advantage of pent-up demand for the moviegoing experience. An August 2022 waitlist, opened for only five days, experienced volume sufficient to crash the server. Prospective subscribers are told to sign up for email advisories of further availability. Continue reading MoviePass Beta Preps for Summer Launch with Limited Tests

British cinema operator Cineworld Group, owner of Regal Cinemas, has proposed a plan to emerge from Chapter 11 bankruptcy. In what is described as a “debt-for-equity swap,” the company would reduce by some $4.53 billion the indebtedness of its principal U.S. claimants, who would be getting a stake in the company in exchange for waiving their claims. The group companies have commitments for roughly $1.94 billion in debtor financing from lenders to help ensure Cineworld operations can continue during its anticipated reorganization, which is subject to court approval. The transaction is expected to “result in very significant dilution of existing equity interests.” Continue reading Regal Parent Cineworld on Path to Chapter 11 Restructuring

In an effort to reassure advertisers that their messaging won’t wind up in a “hellscape,” Twitter has teamed with ad tech firms DoubleVerify and Integral Ad Science (IAS) on a third-party brand safety and suitability initiative. The program, which allows companies to analyze surrounding content and make filtering choices, will initially roll out in the U.S. The move comes in the wake of reports of advertiser unrest at Twitter since Elon Musk took control, though at least one outlet reports that more companies than ever (though smaller ones) are alighting at the blue bird’s nest, “sensing a pricing opportunity.” Continue reading Twitter Teams with IAS, DoubleVerify to Ensure Brand Safety

The fallout from cryptocurrency exchange FTX’s implosion continues, as BlockFi becomes the latest crypto lender to file for Chapter 11 bankruptcy protection, in the wake of similar moves by Voyager and Celsius. BlockFi, which was to have been acquired by FTX, filed in U.S. Bankruptcy Court for the District of New Jersey indicating more than 100,000 creditors, and liabilities combined with assets that range from $1 billion to $10 billion. An outstanding loan to Sam Bankman-Fried’s bankrupt American division FTX US for $275 million was among the liabilities. Continue reading Cryptocurrency Implosion Continues with BlockFi Bankruptcy

Technology company Xperi has purchased Norway-based OTT software maker Vewd for $109 million. Xperi purchased TiVo for $3 billion in December 2019, with the goal of integrating TiVo’s video UX with its smart TV expertise. Xperi intends to compete with companies like Amazon, Comcast, Google and Roku for the “gatekeeper” position in the world’s connected-TV living rooms. The Vewd deal gives Xperi access to an installed European footprint of roughly 15 million devices that it plans to target for activation of TiVo+, a free ad-supported TV (FAST) service. Continue reading TiVo Owner Xperi Acquires OTT Software Firm for $109 Million

Nuclear power leader Westinghouse Electric Company filed for Chapter 11 bankruptcy protection in New York yesterday. “The filing comes as the company’s corporate parent, Toshiba of Japan, scrambles to stanch huge losses stemming from Westinghouse’s troubled nuclear construction projects in the American South,” reports The New York Times. Westinghouse has recently been impacted by a slowdown in electricity demand, lower natural gas prices, growth in alternative energy sources, and concerns regarding nuclear safety. Toshiba, which is expecting a net loss of $9.9 billion for the fiscal year, “is also divesting its profitable semiconductor business and plans to sell a stake to an outside investor to raise capital.” Continue reading Westinghouse Files for Bankruptcy, Toshiba Selling Chip Unit

Netflix had been fighting to stream two movies produced by Relativity Media ahead of their planned theatrical releases, but a judge on Friday issued an order preventing Netflix from doing so. According to Judge Michael Wiles of the U.S. Bankruptcy Court in Manhattan, an early release of the comedy “Masterminds” and horror film “The Disappointments Room” could be “devastating” for Relativity, the studio he recently released from chapter 11. Ruling in favor of Netflix “would threaten the bankruptcy process… with devastating consequences to the plan and distributions” to creditors, the judge said. Continue reading Judge Rules Against Netflix Bid to Offer Relativity Films Early

Aereo, the controversial startup that captured over-the-air cable TV without paying licensing fees and allowed subscribers to watch the content on multiple devices, filed for Chapter 11 bankruptcy in November. A bankruptcy court in New York has approved the dismantling of the company, with its assets to be auctioned to the highest bidder. The auction is scheduled for February 24, and the broadcasters that initially complained about Aereo’s business model will have two weeks to decide whether they approve of any sales. Continue reading Broadcasters Offered Final Approval of Auction of Aereo Assets

Aereo’s plan to upend the television industry with an online streaming service has come to an end. Chet Kanojia, Aereo’s chief executive, explained in a blog post Friday that legal and regulatory challenges have become too difficult for the Barry Diller-backed company. As a result, five months after the Supreme Court ruled that the startup had violated copyright laws by capturing broadcast TV via small antennas and retransmitting to subscribers, Aereo has filed for bankruptcy protection. Continue reading Aereo Files for Bankruptcy Protection in Wake of Legal Battles

Kodak emerged from Chapter 11 bankruptcy this week and has a plan to keep its product in Hollywood, despite a market that favors digital imaging. While more than 75 percent of the world’s cinema screens currently support digital projection, Kodak has commitments to provide film to the major studios for production needs and distribution, deals that run through 2014 or 2015 (depending on the studio). Filmmakers such as J.J. Abrams and Christopher Nolan are using celluloid for their movie projects. Continue reading Kodak Exec Unveils Plans to Keep Film Product in Hollywood

Rhythm & Hues Studios, which served as the lead visual effects producer on the dazzling “Life of Pi” film, filed for Chapter 11 bankruptcy on February 13 — just days after the film won four prizes at the annual Visual Effects Society Awards and just weeks before it would win the Academy Award for best visual effects. Additionally, the 26-year-old company has laid off 254 of its 718 employees in the LA area. Continue reading Another Visual Effects Company Bankrupt: Time for Change?

New York-based interactive entertainment company Atari Inc. filed for Chapter 11 bankruptcy protection on Monday, announcing plans to sell all its assets. The videogame pioneer, with a portfolio of more than 200 games, has filed in an effort to separate from its French parent Atari SA of Paris (formerly Infogrames SA) and secure independent capital. Continue reading Atari Files for Bankruptcy to Separate from Parent Company