Vice Media Laying Off ‘Several Hundred’ Staff Workers
Vice Media, a once-burgeoning media company focused on creating content for a younger audience, is facing financial struggles and announced plans to lay off several hundred employees. In addition, the company will no longer publish material on its Vice.com website. CEO Bruce Dixon revealed these changes in a memo to staff on Thursday.
The company, which was valued at $5.7 billion just three years ago, filed for bankruptcy in 2020 before being sold to a consortium led by the Fortress Investment Group for $350 million. Despite this, Vice continued to face financial challenges and was forced to make difficult decisions in order to secure its future.
Dixon did not provide specific details about the layoffs, but he did state that hundreds of employees will be affected and will be notified next week. The New York Times reported that Vice currently employs around 900 people. This news comes as no surprise, as the media industry has been struggling in recent years, with many digital and legacy media outlets undergoing layoffs and closures.
In addition to the layoffs, Dixon also announced that Vice will be looking to sell its publishing business, Refinery 29. This move is part of a larger shift in focus for the company, which plans to adopt a studio model and place more emphasis on its social media channels for content distribution.
In his memo, Dixon acknowledged that saying goodbye to valued colleagues is never easy, but stated that this is the best path forward for Vice as they work towards long-term success.
The decision to change their distribution strategy was made due to the rising costs of distributing digital content, including news. Dixon believes that finding new ways to distribute content and adapting to the changing media landscape will be crucial for their future success.
This strategic shift for Vice is not the first significant change the company has undergone in recent years. In 2019, they canceled their television program, "Vice News Tonight," as part of a round of layoffs. The company has also faced criticism in the past for its toxic work culture, with several former employees alleging sexual harassment and discrimination.
Despite these challenges, Vice remains a popular source of content, especially among younger audiences. Their immersive storytelling style, which encompasses digital, television, and film, has garnered a loyal following. It remains to be seen how this latest shift in focus and the upcoming layoffs will affect the company's future success.
As the media landscape continues to evolve and adapt to changing consumer habits, it is not uncommon for companies to face financial struggles. The layoffs at Vice are a reflection of these larger challenges facing the media industry as a whole.
However, with the company's new strategic direction and focus on finding alternative ways to distribute content, there is hope for Vice to continue creating engaging content for its audience while securing its financial stability.