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Vice Media is the latest company to experience mass layoffs and a change in focus as the digital journalism industry continues to change.
According to an internal memo to employees obtained Thursday. insiderDeputy CEO Bruce Dixon announced that hundreds of staff would be laid off following the decision to stop publishing original content on the website.
“We create and produce great original content that is true to the Vice brand, but it is no longer cost-effective to distribute digital content the way we used to,” Dixon wrote. I am. “Going forward, as we fully transition to a studio model, we will explore partnering with established media companies to distribute our digital content, including news, on their global platforms.”
Related: Report: Vice media heads toward bankruptcy
Dixon said the company’s lifestyle-focused site, Refinery 29, will continue to operate independently, but the company will put “more emphasis” on its social media platforms. Still, it says Vice is in “advanced discussions” to sell the dealership and employees can expect an announcement regarding a potential sale in the coming weeks.
Former assistant staffer Tess Owen wrote of “X”: “After nine years, I’m sorry to say this is the end.” “Emotionally, I’m all over the place and it’s going to be even harder tomorrow, but one thing I can say is that the assistant staff, for me, it’s always about the work and the people who made it. It was a thing.”
The employees affected by the layoffs are expected to be known by early next week.
Dixon said: “We know it is difficult and daunting to say goodbye to a valued colleague, but we are determined to do this in order to position the company for long-term creative and financial success.” “This is the best path forward for Vice.” “Our financial partners have been supportive and have agreed to invest in this operating model going forward. We will emerge stronger and more resilient as we embark on this new phase of our journey. Sho.”
Vice Media filed for Chapter 11 bankruptcy in the Southern District of New York in May 2023, with assets and liabilities ranging from $500 million to $1 billion.
Related: Snap Inc. to lay off 10% of global employees
The company was founded as a magazine by Shane Smith in 1994 and pivoted to digital media and streaming on HBO in 2013. In 2016, he launched his own video channel, Viceland. By 2019, both the HBO show and her Viceland were canceled.
Former CEO Nancy Dubuc also left the company last year before filing for bankruptcy.
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