Digital media outlet Vice Media declared bankruptcy on Monday, a process that, according to the company itself, will likely result in the sale of the company to Fortress Investment Group and Soros Fund Management for $225 million.

"To facilitate the sale, Vice has filed voluntary petitions for reorganization under Chapter 11 - the Bankruptcy Law in the United States," the company said in a statement today.

The company will continue to operate normally during this process with its sections of Vice News, Vice TV, Pulse Films, Virtue, and Refinery29.

At the end of April, the company closed Vice World News and canceled Vice News Tonight, its flagship television program, resulting in more than 100 layoffs across the newsroom.

Vice had great success as a digital media outlet with cutting-edge content. At one point, it was valued at $5.7 billion. However, the company faced difficulties due to declining advertising revenue.

The Vice communications group was one of the first media outlets to produce news digitally and through documentary-style videos.

Its media has been characterized by creativity in capturing news and reproducing it in an informal and digestible way, which appealed to young audiences