Just a few years ago, big media companies were falling over themselves to bet on Vice Media. Disney made the biggest bet, by putting more than $400 million into the swashbuckling digital publisher. Now, Disney says all of the money it put into Vice has been incinerated: In investor filings Wednesday, Disney said it no longer thinks it will ever get any return on the investment it made in Vice — a company that at one point was supposedly worth $5.7 billion. Vice is still worth something, in some investors’ eyes. Last week, a group of lenders said they put a fresh round of $250 million into the company. But Disney’s accounting decision is yet another example — perhaps the most stunning one — of the turnabout we’ve seen in digital media over the past few years. Investors have decided that high-flying publishers that once confidently explained that they’d created a new media paradigm are now worth very little … or even less. Read more at Vox.