‘Like Icarus – now everyone is burnt’: how Vice and BuzzFeed fell to earth

‘Like Icarus – now everyone is burnt’: how Vice and BuzzFeed fell to earth

Era of lofty valuations for upstart youth media appears to be over, with Vice ‘heading for bankruptcy’ and BuzzFeed News shutting down

Just over a decade ago Rupert Murdoch endorsed what appeared to be a glittering future for Vice, firing off a tweet after an impromptu visit to the media upstart’s Brooklyn offices and a drink in a nearby bar with the outspoken co-founder Shane Smith.

“Who’s heard of VICE media?” the Australian media mogul posted from his car on the way home from the 2012 visit, which resulted in a $70m (£55m) investment. “Wild, interesting effort to interest millennials who don’t read or watch established media. Global success.”

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