Vice Media plans to put off a number of hundred staff and cease publishing materials on its Vice.com web site, the corporate's chief govt mentioned in a memo to workers Thursday.
Vice, which filed for chapter final 12 months earlier than being offered for $350 million to a consortium led by Fortress Funding Group, can be seeking to promote its Refinery 29 publishing enterprise, CEO Bruce Dixon mentioned in his memo to workers.
It’s the newest signal of the monetary issues affecting the media business. Digital websites Messenger, BuzzFeed Information and Jezebel closed final 12 months, and conventional media retailers such because the Los Angeles Instances, Washington Put up and Wall Avenue Journal additionally suffered job cuts.
Vice, as soon as a swashbuckling media firm aimed toward a youthful viewers with an immersive storytelling model that spanned digital, tv and movie media, was valued at $5.7 billion in 2017.
Dixon didn’t provide particulars in regards to the layoffs, aside from to say that tons of of individuals can be affected and can be notified early subsequent week. The New York Instances reported that the corporate at the moment has a workers of about 900 individuals.
“I do know saying goodbye to our valued colleagues is tough and overwhelming, however that is the very best path ahead for Vice as we place the corporate for long-term inventive and monetary success,” Dixon mentioned.
He mentioned it was now not worthwhile for Vice to distribute its digital content material, together with information, because it did till now. He mentioned Vice would put extra emphasis on its social channels and take a look at alternative ways to distribute its content material.
As a part of its strategic shift, Dixon mentioned Vice would comply with a studio mannequin.
Earlier than submitting for chapter safety final 12 months, Vice canceled its tv present “Vice Information Tonight” as a part of a spherical of layoffs on the time.