FILE - The Vice logo is seen at a joint venture announcement between Vice Media and Roger Communications in Toronto, Oct. 30, 2014. Vice Media's CEO has said in a memo to staff members that the troubled company plans to lay off several hundred employees. Bruce Dixon said Thursday, Feb. 22, 2024, that staff members affected by the layoffs will be notified early the following week. (Nathan Denette/ºÃÉ«tvvia AP, File)
FILE - The Vice logo is seen at a joint venture announcement between Vice Media and Roger Communications in Toronto, Oct. 30, 2014. Vice Media's CEO has said in a memo to staff members that the troubled company plans to lay off several hundred employees. Bruce Dixon said Thursday, Feb. 22, 2024, that staff members affected by the layoffs will be notified early the following week. (Nathan Denette/ºÃÉ«tvvia AP, File)
DJS CL**NY**NEW YORK (AP) — Vice Media plans to lay off several hundred employees and no longer publish material on its website, the company's CEO said in a memo to staff Thursday.
Vice, which last year before being sold for $350 million to a consortium led by the Fortress Investment Group, is also looking to sell its Refinery 29 publishing business, CEO Bruce Dixon said in his memo to staff.
It's the latest sign of financial problems . Digital sites the Messenger, BuzzFeed News and Jezebel have all shut down in the past year, and legacy media outlets like the Los Angeles Times, Washington Post and Wall Street Journal have also seen job cuts.
Once a swashbuckling media company geared to a younger audience with an immersive storytelling style that encompassed digital, television and film outlets, New York-based Vice was valued at $5.7 billion in 2017.
Dixon offered no specifics about the layoffs, other than saying hundreds of people will be affected and will be notified early next week. The New York Times reported that the company currently has about 900 people on staff.
“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.
He said it was no longer cost-effective for Vice to distribute its digital content, including news, the way it has been. He said Vice would put more emphasis on its social channels and look for different ways to distribute its content.
As part of its strategic shift, Dixon said Vice would follow a studio model.
Before filing for bankruptcy protection last year, Vice canceled its “Vice News Tonight†television program as part of a round of layoffs then.
The ºÃÉ«tv Press. All rights reserved.
Canada is entering a new era of nation-building. From clean-energy corridors and c…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
