How Media Companies Are Rebuilding After Bankruptcy: Lessons from Vice’s Restructure

Struggling to find a repeatable post-bankruptcy playbook? Vice's reboot offers a timely, practical blueprint.

Bankruptcy leaves media companies with two urgent problems: stabilise the finances and convince talent, partners and advertisers that you’re a viable counterparty again. Vice Media’s restart in late 2025 and early 2026 — led by a wave of C-suite hires and a deliberate pivot to owning production — is the closest thing the industry has to a modern reconstruction playbook. This article breaks down the moves, the reasoning, and the exact actions other publishers and studios can copy right now.

The short version — what happened at Vice (and why it matters)

Vice Media emerged from a bankruptcy process with new leadership and a clear strategic shift: from a production-for-hire model toward a studio that owns IP and scales production across linear, streaming and short-form platforms. Key additions to the executive team include Joe Friedman as chief financial officer and Devak Shah as EVP of strategy, signalling a twin focus on robust capital management and aggressive business development.

“The rebooted company has hired a former ICM Partners finance chief and NBCUniversal biz dev veteran to manage its growth chapter.” — The Hollywood Reporter, Jan 2026

Those hires are more than headcount: they are the architectural bricks of a post-bankruptcy rebuild. A CFO rebuilds credibility with lenders, sponsors and investors. A biz-dev/strategy lead reopens commercial doors and codifies a growth plan. Together, they turn survival into a scalable growth thesis.

Why the C-suite matters in a post-bankruptcy rebuild

Bankruptcy isn’t just an accounting event — it’s a trust problem. Rebuilding trust requires visible leadership changes that speak to three audiences:

• Creditors and investors: They need financial discipline and a credible path to profitability.
• Commercial partners (streamers, brands): They need someone who can guarantee delivery, rights clarity and scale.
• Talent and creators: They need confidence in long-term opportunities and IP ownership.

That’s why Vice’s appointment of Joe Friedman, a veteran from ICM Partners and CAA consulting roles, is so relevant: the role is equal parts financial architect and industry signal. Similarly, hiring a biz-dev veteran from NBCUniversal reassures studios, streamers and network partners that Vice can perform at scale.

Practical takeaways for buyers and boards

1. Prioritise a finance chief with transactional experience (restructurings, M&A, investor relations).
2. Bring in a commercial leader with existing studio/streamer relationships rather than only internal promotion.
3. Give the new C-suite defined 90-, 180- and 365-day mandates tied to measurable milestones (cash runway, content deals signed, IP monetised).

What the pivot to "studio" really means

In 2026 the word "studio" is shorthand for three changes:

• Ownership of IP: Producing for rights enables multiple revenue windows — streaming licensing, international sales, format licensing, and branded content hybrids. Start by running a rights clearance checklist so you understand what you truly own and what needs clearing.
• Repeatable production pipelines: Vertical integration across development, production and distribution to reduce per-hour cost and compress timelines.
• Platform-agnostic packaging: Creating modular assets that can be sliced into long-form, short-form and social-first edits to meet demand from streamers and advertisers. See tactical guidance on short-form clips for streaming slate promotion.

For Vice, the rebuilt studio model aligns with market realities in 2025–26: platforms still need volume, but they increasingly favour partners who can own IP and reduce licensing friction. That combination increases margins and provides leverage in commercial negotiations.

Revenue diversification: beyond ads and sponsorships

Post-bankruptcy companies cannot rely on a single revenue stream. Vice's playbook emphasises five revenue pillars that other publishers should prioritise immediately:

• Licensing and format sales: Convert successful series into licensed formats for international markets.
• Studio licensing and distribution deals: Negotiate output and first-look deals with streamers, securing minimum guarantees where possible.
• Branded content with IP alignment: Create campaigns that build brand-owned IP rather than one-off sponsor spots.
• Subscriptions and memberships: Niche paid offerings for premium series or early access, especially for dedicated vertical audiences.
• Live events and experiential: Monetise IP through speaking tours, festivals and branded experiences (see ideas from micro-popups).

Each pillar reduces dependency on programmatic ad cycles and softens the impact of macro ad slowdowns — a lesson learned repeatedly in late 2023–2025.

Operational changes that actually move the needle

Reorgs after bankruptcy often default to headline cost cuts. Vice’s approach combines efficiency with capability building. Key operational moves to emulate:

• Centralised production ops: Consolidate production procurement, post-production, and rights clearance to reduce overhead and speed time-to-market.
• IP-first editorial workflows: Institute development slates that prioritise IP potential and multiplatform adaptability.
• Data-driven commissioning: Use audience analytics to greenlight shows that have clear monetisation paths across at least two revenue pillars.
• Hybrid staffing model: Core in-house teams for development and finance; freelance crews scaled up per project to control fixed costs — a pattern familiar to mobile creator rigs and lightweight production operations.
• Legal and rights hygiene: Re-audit existing contracts to ensure clear ownership and avoid future disputes — a must for buyers and partners.

Hiring strategy: what to look for in your next execs

The quality of hires after bankruptcy matters more than quantity. Vice’s hires demonstrate three hiring principles for post-bankruptcy rebuilds:

1. Track record over titles: Choose execs who have executed restructurings, sold IP deals, or led production expansions.
2. Sector relationships: Business development hires should bring active, demonstrable relationships with buyers and platforms.
3. Hybrid skillsets: Finance leaders should be comfortable on both modelling and deal-making sides of the table.

Practical hiring checklist:

• Request 3 example deals the candidate led, with KPIs.
• Require stakeholder references from both investors and commercial partners.
• Set a 6-month performance plan with revenue and partnership milestones attached to any long-term incentive.

Financing and capital strategy in 2026

Post-bankruptcy capital strategies must reflect 2026 market conditions: tighter private markets, but continued strategic spend from streaming platforms and brand arms seeking IP. Vice’s finance move suggests a layered approach:

• Short-term: rebuild cash runway. Use bridge facilities, debtor-in-possession rollovers or strategic revenue advances tied to signed content deals.
• Medium-term: secure strategic partners. Look for equity or pre-buy commitments from streamers or global distributors who want first-look access.
• Long-term: monetise IP fully. Use catalogue sales, securitisation of receivables, or joint-venture studios to create recurring cash flows.

All of this depends on a CFO who can translate production economics into investor-friendly models, which is exactly why companies like Vice prioritised hiring experienced finance chiefs early in the rebuild.

Measuring progress: the KPI dashboard every rebuilt publisher needs

Standard audience metrics don’t tell the whole story. Use a balanced set of KPIs that link content to cash:

• Cash runway (months): Post-restructuring baseline and target trajectory.
• Average revenue per IP: Monetisation across windows (streaming, licensing, events).
• Deal pipeline value: Committed vs. targeted revenue from studio and distribution deals.
• Cost per hour of produced content: Absolute costs and trend line as efficiencies are realised.
• Partner retention rate: Percentage of repeat buyers or co-producers year-over-year.

AI, automation and 2026 production workflows

One key 2026 trend is the mainstreaming of AI in production and post. Rebuilt media companies are using AI to speed scripting, deliver multiple short-form edits, and automate metadata tagging for catalogue monetisation. That doesn’t replace skilled crews — it multiplies productivity.

Practical AI investments to consider now:

• Automated assembly edits for social cuts (reduces distribution lag) — pair this with the prompt blueprints for vertical video concepts to speed ideation.
• AI-assisted dubbing/subtitling to open international windows quickly; source datasets or partners from AI data marketplaces.
• Machine-readable rights management to speed licensing negotiations.

Practical note: evaluate prompt-first platforms and tooling that integrate with your editors and asset management systems to get the most lift from AI while keeping a human-in-the-loop review step.

Risk management and governance

Post-bankruptcy companies attract intense scrutiny. Strengthen governance with:

• Clear board committees for audit and commercial conflicts.
• Transparent investor reporting focused on cash and deal milestones.
• Independent rights audits before any major sale or joint venture.

Vice as a repeatable case study — timeline and checkpoints

Summarising Vice’s key steps provides a template:

1. Emergency stabilisation: Close immediate cash gaps, retain core team, secure DIP financing.
2. Leadership reset: Appoint CFO and EVP of Strategy with explicit mandates to restore creditworthiness and reopen deals.
3. Operational retooling: Consolidate production ops, clear rights, and create an IP-first greenlight process.
4. Commercial ramp: Sign first-round studio/distribution deals and structured branded partnerships.
5. Scale and diversify: Deliver repeatable production pipelines, monetise catalogue, and expand into events and subscriptions.

Actionable playbook: 12 steps any media company should execute now

1. Install a finance leader with restructuring and studio deal experience.
2. Create a 90-day cash plan and publish it to stakeholders.
3. Audit all content rights and clear ambiguity in contracts — start with a rights clearance checklist.
4. Prioritise IP that can be monetised across at least two revenue pillars.
5. Negotiate minimum guarantees or pre-sales with at least one strategic partner.
6. Build a commercial pipeline with signed LOIs, not just conversations.
7. Invest in AI tools for post-production and distribution efficiency — test platforms like Promptly.Cloud.
8. Implement a hybrid staffing model to control fixed costs.
9. Set measurable milestones and tie executive incentives to delivery.
10. Publish transparent monthly reports for creditors and partners.
11. Protect governance with independent audit and conflict committees.
12. Plan for a 12–18 month roadmap focused on profitability and IP growth.

What failure looks like — common traps to avoid

Many post-bankruptcy rebuilds fail not because of a lack of ideas but because of poor sequencing or mixed incentives. Avoid these pitfalls:

• Chasing vanity distribution instead of minimal guarantees. Free content deals don’t fix balance sheets.
• Cutting core competencies to the bone. Overzealous cost cuts damage the ability to produce quality IP.
• Delaying rights audits: Unclear ownership kills downstream deals.
• Ignoring commercial relationships: Appointing only internal hires leaves partner doors closed.

Predictions for 2026–2027: how this playbook evolves

Looking ahead, companies that follow Vice’s template will need to adapt to three trends shaping 2026–27:

• Consolidation among mid-tier studios: Expect more M&A as smaller rebuilt studios become attractive bolt-ons for larger streamers.
• Higher value on format adaptability: Buyers will prioritise IP that can be used in multiple markets and formats.
• Data-first negotiations: Partners will demand deeper audience and engagement metrics as part of minimum guarantees.

Final checklist: executive action in the next 30 days

• Hire or confirm a CFO with turnaround and studio deal experience.
• Complete a rights audit for your top 10 IPs.
• Secure at least one commercially binding LOI with a distribution partner.
• Implement a KPI dashboard focused on cash and deal milestones — consider tools linked in our marketing stack consolidation ROI resources.
• Allocate a small AI investment to speed post-production and repackaging.

Conclusion — why Vice’s rebuild is the industry playbook in 2026

Vice’s post-bankruptcy strategy is pragmatic: reposition the brand as a studio that owns IP, bring in experienced finance and commercial operators, and retool operations for scale. For media leaders rebuilding after financial distress, the lesson is clear: hire for credibility, prioritise rights and revenue diversification, and use technology to multiply production output.

The coming 12 months will show which rebuilt companies turn restructuring into sustainable growth. For publishers and studios in the UK and beyond, the immediate question is whether you can match Vice’s most important move: translate creative reputation into a repeatable, financially rigorous production engine.

Ready to build a resilient post-bankruptcy strategy? Start with the 12-step playbook above and prioritise the three hires that restore market confidence: a CFO with turnaround chops, a commercial EVP with platform relationships, and a head of production operations who can deliver margins at scale.

For more tactical templates — from 90-day investor decks to rights-audit checklists — subscribe to our rebuild briefing or contact our editorial team for a customised assessment.

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