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(Media News) Vice Media to Cease Publication on Vice.com and Initiate Major Layoffs Amid Media Industry Challenges
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Vice Media is set to undergo significant changes, including layoffs of several hundred employees and ceasing publication on its Vice.com website, as announced by CEO Bruce Dixon in a staff memo. The decision comes after the company filed for bankruptcy last year, later being acquired for $350 million by a consortium led by Fortress Investment Group. Additionally, Vice aims to sell its Refinery 29 publishing business, indicating broader financial challenges within the media industry. This trend is not isolated to Vice, as digital platforms like the Messenger, BuzzFeed News, and Jezebel have ceased operations over the past year, and established media outlets such as the Los Angeles Times, Washington Post, and Wall Street Journal have also experienced job reductions.
Vice, once valued at $5.7 billion in 2017 and known for its dynamic storytelling and appeal to younger audiences across digital, television, and film, has faced operational shifts. CEO Dixon’s memo did not detail the exact number of layoffs but indicated that the company, which currently employs about 900 staff, would notify those affected early next week. Dixon expressed the difficulty of parting with valued colleagues but emphasized this direction as essential for Vice’s long-term success.
Going forward, the strategy involves a pivot from traditional digital content distribution, deemed no longer cost-effective, to focusing on social channels and exploring new content distribution methods. Vice plans to adopt a studio model, marking a significant shift from its previous operations, including canceling the “Vice News Tonight” television program amidst last year’s layoffs.
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