Vice Media, the company that once dominated the next generation of digital journalism, filed for Chapter 11 bankruptcy on Monday. The brand has become the latest in a long line of media conglomerates facing economic troubles.

Vice will enter into a purchasing agreement with a number of its vendors to try and stay afloat, according to a filing in New York federal court. The group, led by Fortress Investment Group, Soros Fund Management, and Monroe Capital, will purchase Vice's assets for $225 million and take on liabilities as high as $1 billion, the filing said.

This sales process will "position Vice for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes Vice such a trusted brand for young people and such a valued partner to brands, agencies, and platforms," Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a press release.

However, like many new-age media companies, Vice "had trouble wringing profits from [readers], and the bulk of digital ad dollars went to the major tech platforms," The New York Timesreported. The culling began when Vice announced last month it was undergoing a "restructuring" that would result in "Vice News Tonight"being shut down.

The company has now become the latest in a string of media companies to either shutter their newsrooms or implement large-scale layoffs.