Vice Media, which once had a valuation of $5.7 billion, went woke and is now broke, is set to be acquired out of bankruptcy at a valuation of around $400 million by Fortress Investment Group and Soros Fund Management, according to The Wall Street Journal, citing people familiar with the matter.

A bankruptcy filing appears imminent and would be a fitting ending to the tumultuous story of Vice, a new-media Phoenix that rose out of the ashes with its iconoclastic, counterculture facade, then quickly sought to supplant the media establishment before persuading it to invest hundreds of millions. In 2017, after a funding round from the private-equity firm TPG Group, Vice was worth $5.7 billion. Around this time, the company realized that for the money to keep flowing, it would need to curb its rebellious ways and quickly turned woke, losing most of its fans in the process.... just in case anyone wonders why Vice went woke.