Vice Media cutting hundreds of jobs, no longer publishing website content

Feb 23, 2024

Lauren Taylor Anchor

By Lauren Taylor (Anchor), Ian Kennedy (Video Editor), William Jackson (Producer)

Vice Media, once valued at over $5 billion and known for its edgy, immersive storytelling, is laying off hundreds from its staff of more than 900 employees. CEO Bruce Dixon announced the company will also cease publishing on its Vice.com website, a move reflective of Vice’s strategic pivot amid financial struggles, including a bankruptcy filing last year before being sold for $350 million to a consortium led by Fortress Investment Group.

Vice Media's CEO has said in a memo to staff members that the troubled company plans to lay off several hundred employees. Vice will no longer post on its https://t.co/VAgpycMAUG news site and is looking for partners to distribute its content. Bruce Dix… https://t.co/WMnVARmcNR
— KSTP (@KSTP) February 23, 2024

Additionally, Vice is looking to sell its Refinery29 publishing business. This restructuring comes as digital media faces widespread challenges, with notable shutdowns and layoffs across both new and legacy outlets, underscoring the industry’s shifting landscape.

“I know that saying goodbye to our valued colleagues is difficult and feels overwhelming, but this is the best path forward for Vice as we position the company for long-term creative and financial success,” Dixon said in the memo.

Dixon’s memo highlighted the cost inefficiencies of Vice’s digital distribution and announced a shift towards a studio model, emphasizing social channels for content distribution, marking a significant shift from its traditional approach to news and storytelling.

Tags: news media, U.S. Economy

[LAUREN TAYLOR]

VICE MEDIA – THE DIGITAL OUTLET ONCE VALUED AT OVER 5 BILLION DOLLARS – HAS ANNOUNCED IT WILL BE LAYING OFF SEVERAL HUNDRED OF ITS MORE THAN 900 EMPLOYEES.

IN A MEMO TO WORKERS, VICE’S CEO SAYING THE COMPANY WILL NO LONGER BE PUBLISHING CONTENT TO ITS VICE DOT COM WEBSITE.

THE CHANGES COME LESS THAN A YEAR AFTER VICE FILED FOR BANKRUPTCY AND WAS THEN SOLD FOR 350 MILLION DOLLARS TO A GROUP OF LENDERS.

VICE’S CEO SAYING THE DIGITAL OUTLET WILL NOW LOOK TO PARTNER WITH ESTABLISHED COMPANIES TO DISTRIBUTE ITS CONTENT WHILE PUTTING MORE EMPHASIS ON ITS SOCIAL PLATFORMS.