More bad news

Friend, more bad news coming from the progressive media world: [Vice Media files for Chapter 11 bankruptcy.]( Just a few years ago Vice was estimated at a value of [$5.7 billion](and now has an estimated value of just a tiny fraction of that. Now, on Monday, May 15, the digital media company agreed to sell its assets to a consortium of investors—Fortress Investment Group, Soros Fund Management and Monroe Capital—in exchange for $225 million in credit. [It's not just Vice News, 2023 has been a hard financial year for Daily Kos. Donations of just a few dollars from our readers and activists helps us pay the bills. Please support progressive news and activism by making a donation of $5 today.]( [DONATE]( As Big Tech like Amazon, Google and Facebook have sucked up more and more of the advertising revenue that media companies count on. Many media companies looked to make up for their lack of revenue elsewhere. Some media companies were acquired by larger corporations, others found a billionaire backer, and many put up a paywall. In a unique case, Buzzfeed became a publicly traded company only to see its value crash. As a result, last month, Buzzfeed announced that it was closing down [Buzzfeed News](. Daily Kos hasn't been immune to the plague of financial hardships that have hammered news media companies over the past decade or more. In fact, so far, 2023 has been a very hard year for us. We were forced to make deep financial cuts and other changes in hopes of improving our revenue. Finally, after months of struggling, we are starting to see the impacts of those changes. Daily Kos has been relying more and more on grassroots donations from our readers and activists to pay the bills. And honestly; we prefer it this way because it makes us accountable to you—not to some billionaire or corporation with their own agenda. We know that in order to keep operating, we have to fight and deliver for what you believe in. [Please support Daily Kos and the work we do every day by making a donation of $5 or whatever amount is meaningful to you.]( [DONATE]( Thank you for all you do, Amanda McKay, Daily Kos If you wish to donate by mail instead, please send a check to Daily Kos, PO Box 70036, Oakland, CA, 94612. Contributions to Daily Kos are not tax deductible. Sent via [ActionNetwork.org](. To update your email address, change your name or address, or to stop receiving emails from Daily Kos, please [click here](.