THE Vice Media Group plans to dismiss ehundreds of employees and stop posting on its websiteas the company's CEO said in a memo to employees on Thursday.
This is a big blow to a company that was a pioneer in digital media and experienced apotheosis more than a decade ago.
“It is no longer cost-effective for us to distribute our digital content the way we did before,” company vice president Bruce Dixon said in the memo, which came into his possession NBC News.
Dixon added that the company “will now seek partnerships with established media companies to distribute our digital content, including news, on their global platforms.”
The Refinery29the company's women's lifestyle brand (acquired in 2019 by Vice) will continue to operate as a “standalone diversified digital publishing business” according to Dixon, although its executives are “in advanced discussions to sell the business.”
“With this strategic change, the need to realign our resources and streamline our overall operations at Vice”, Dixon wrote in the memo. “Unfortunately, this means we will be reducing our workforce by eliminating several hundred positions,” he added.
At In the early 2010s, Vice was considered one of the most up-and-coming brands in digital media., which stood out for its journalistic style and commercial ambitions. In its heyday, Vice came to be a empire which included a news website, an entertainment studio, an HBO series, a cable TV channel and an in-house marketing agency.
THE Vice Media Groupthe value of which had been appraised at 2017 at $5.7 billion, produces content in 25 languages and has more than 30 offices around the world.
The news division was known for sending correspondents to countries like Ukraine and Venezuela, where they covered conflicts with a guerrilla aesthetic that contrasted sharply with traditional television news.
But the company has been loss-making, and executives have begun laying off waves of workers and cutting costs in recent years.
Source: News Beast
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