We knew it was coming and now, it’s here….

Vice Media LLC has filed for Chapter 11 bankruptcy.

This means that it is likely to result in the sale of the company to Fortress Investment Group and Soros Fund Management for $225 million.

The news comes a few weeks after the company shuttered VICE World News and canceled VICE News Tonight, its flagship news television program, resulting in more than 100 layoffs across the newsroom.

The company says it will continue to operate normally during the Chapter 11 process.