The mammoth writedown follows a $157m devaluation recorded in November as the entertainment giant concedes that it is unlikely to make a return on its $400m investment in the publisher to secure a 21% stake.
Back in 2017, Vice was valued at $5.7bn on the back of a sprawling media empire dedicated to alternative culture which spawned its own TV shows and Viceland cable channel.
A combination of poor ratings and a dearth of digital advertising have served to undermine this business model, with a resultant downward trajectory in its valuation hitting investors hard.
A Vice spokesman said: “Vice will always be there with a megaphone for the people on this planet under the age of 30 who crave independent world-class content.”
Earlier this week Vice launched its ‘masterbrand’ strategy to consolidate standalone brands in pursuit of profitability.