Vice Media Group, the company behind sites like Vice or Motherboard, is preparing to go bankrupt, The New York Times reported on Monday, citing Reuters.

NYT sources say several companies have expressed interest in buying Vice Media, a potential acquisition that could save the media trust from bankruptcy, which is expected to happen in the coming weeks.

The NYT notes that if a deal to buy the media company is not reached, it could end up under the control of Fortress Investment Group, one of its creditors.

“Vice Media Group participated in a comprehensive evaluation of strategic alternatives and plans. “The company, its board and stakeholders remain focused on finding the best path forward for the company,” a Vice Media spokesperson told Reuters.

Its potential bankruptcy comes after a number of other media and technology companies recently announced layoffs due to the US economy and declining advertising revenue.

The bankruptcy of Vice followed the closure of BuzzFeed

Last month, BuzzFeed Inc announced the closure of its news division, which had become known for its irreverent reporting and investigations.

Vice Media announced last week that it is canceling its popular TV show “Vice News Tonight” as part of a broader restructuring that includes global layoffs at the news division. This news came after several years during which the company faced financial problems and the departure of top managers.

Vice Media was one of the news companies that quickly expanded online, becoming known for its news targeting an audience of mostly millennials.

The rise of Vice coincided with the period of its brash co-founder, journalist Shane Smith, who built a media empire from a single magazine in Canada.

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