
VICE began as a free Montreal magazine, became a multibillion-dollar wager on youth media, and collapsed under the weight of that wager. Its co-founder is back behind a microphone, chasing the one asset no bankruptcy court can sell: attention earned by curiosity.
The punk magazine that became a media empire lost the economics before it lost the audience. Its second act is smaller, stranger and surprisingly practical: finance the shows, license the brand and let partners carry the machinery.