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“This woman and I looked at each other and were like, Oh my God, they don’t think they’re gonna be here in three years,” a Viceland producer remembers. “You realized they were planning to get out.” Smith had spent much of the previous year or so dressing up the company. He raised a billion dollars; poached a partner from the law firm Paul Weiss to serve as co-president; hired Alyssa Mastromonaco, formerly Obama’s deputy chief of staff, as COO; and put Josh Tyrangiel from Bloomberg in charge of running the daily HBO show. (“From a management perspective, I definitely arrived wondering where the grown-ups were,” Tyrangiel says.) The most obvious potential buyer for Vice was Disney, which already owned a sizable chunk of the company, and Disney CEO Bob Iger visited Williamsburg multiple times. “It makes sense for them, and it makes sense for us,” Smith said in 2016 of a possible sale. Rumors swirled in the office that Smith was hoping for more than $10 billion. He must have told me six times, ‘We’re gonna sell the company. Everyone’s gonna be set.’ But as the year went on, the Disney sale never materialized. Some speculated that Disney might not be eager to own a company with a “Non-Traditional Workplace Agreement.” And many people were aware that the company’s books had been in a state of relative disarray. Employees found that it was easy to get money for various projects — a Vice producer was fronted $10,000 in cash for a shoot in Latin America, and filed $6,000 in receipts, but was never asked for the other $4,000, which the producer kept as mild revenge for years of being underpaid — but that made reconciling the books a chore. As recently as 2017, when staffers in Canada complained about the delay in getting expenses reimbursed, a manager admitted (though the company now denies this) that there were times the company simply didn’t have the cash on hand.
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