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Caught in a Vice: Another digital media upstart is in trouble

Caught in a Vice: Another digital media upstart is in trouble

Caught in a Vice

Vice, once the edgy upstart disrupting digital media, is reportedly making preparations to file for bankruptcy unless the company can find a last-minute buyer in the coming weeks.

The news of Vice Media’s apparent demise comes less than 2 weeks after the shuttering of BuzzFeed News and against an ever-widening backdrop of layoffs that have rocked the media world throughout 2023.

Don’t believe the hype

Vice started life as a bootstrapped, independent punk magazine in Montreal back in 1994, a far cry from the media giant that the company would become. At its 2010s peak the Vice Media empire sprawled across multiple websites, its own TV channel, a record label, shows on HBO, an ad agency, and even a production company — a stable of content that attracted some of the biggest investors in media.

A $70m investment from Rupert Murdoch’s 21st Century Fox saw Vice capture a valuation of $1.4bn in 2013. That figure increased quickly as outside investors looked to ride the wave of brash, digitally-native new media that was equally comfortable exposing warlords or exploring social taboos — all at a time when the “firehose” of web traffic from Facebook was fairly predictable.

Vice’s expansion earned a $400m injection from Disney in 2015, with a $450m investment from PE firm TPG 2 years later — a deal that saw the company reach its peak valuation of $5.7 billion.

Many things could be blamed for its financial difficulties, but as one former Vice exec put it "at some point, what got you there isn’t what you are", suggesting that what made Vice's content work with a few hundred journalists, never worked quite as well at 3,000 employees — the company's peak headcount in 2017.

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Starbucks issues apology after viral “Bearista” cup meltdown

Holiday cheer turned into chaos this week for Starbucks after the coffee giant’s new “Bearista” holiday cup sent fans into a frenzy. 

Dropped alongside its 2025 holiday menu, the $30 beanie-wearing glass bear tumbler sparked long lines, sellouts, and even in-store scuffles before Starbucks stepped in with an apology.

“The excitement for our merchandise exceeded even our biggest expectations,” the company said in a statement to People. “Despite shipping more Bearista cups to our coffeehouses than almost any other item this holiday season, the Bearista cup and some other items sold out fast.”

Within hours of launch, frustrated fans flooded Starbucks’ social media pages and even store hotlines. Some customers waited in line before dawn and others said their stores received only a handful of cups. In one Houston location, the craze even turned physical, with police reportedly called to break up a brawl. Meanwhile, the cup is already reselling on sites like eBay, with listings topping $600.

“We understand many customers were excited about the Bearista cup and apologize for the disappointment this may have caused,” Starbucks said. While in-store customers may be upset, investors seem happy about the viral hit, as the stock has risen over 3% on Friday.

If you’re still hoping for a Bearista at market price, that may not be on order: the chain didn’t disclose how many cups were made or whether a restock is planned.

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Target tells workers to smile, wave, and greet shoppers if they come within 10 feet of them

Target just rolled out a new rule for store employees: smile, make eye contact, and greet or wave when a shopper comes within 10 feet — and if they get closer, within four feet, ask whether they need help or how their day is going, according to a new Bloomberg report.

Dubbed the 10-4 program internally, the rule mirrors rival Walmarts own 10-foot policy, formalizing behavior Target had previously only encouraged.

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Monster surges on energy drink buzz, while Celsius sinks on distribution concerns

Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.

The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.

During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”

Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.

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