Vice Media is headed for a $100 million shortfall in its revenue projection—from $700 million to $600 million for the year, according to the Wall Street Journal.
The brand, which offers such brands as Vice News, Vice TV, Refinery29 and Motherboard, brought in $680 million last year.
However, a Vice spokesperson told the Journal that it expects “significant growth” for 2022 YoY, according to Yahoo/Entertainment.
“It’s been a challenging year for our industry, but Vivr is growing year to year through strong financial discipline and focus,” the spokesperson said. “Our ongoing performance is creating new opportunities for Vice in 2023 and working with our advisors, we’ll keep exploring ways to position the company for growth and success.”
Earlier this month, Semafor reported that Vice had laid off staff at its Munchies and Noisey verticals, and that it would stop producing content for Munchies.
According to the Journal, Vice is seeking a price of around $1.5 billion for a potential sale, compared to the $5.7 billion valuation it had five years ago. It was in talks with Greece-based Antenna Group earlier this year.