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Vice Media plans to lay off hundreds of employees and stop publishing content on its Vice.com website, the company’s CEO said in a memo to staff Thursday. Ta.
Vice, which filed for bankruptcy last year before being sold to a consortium led by Fortress Investment Group for $350 million, is also considering selling its Refinery 29 publishing business, its CEO said. Bruce Dixon said in a memo to staff.
This is the latest sign of financial troubles hitting the media industry. Digital sites such as Messenger, Buzzfeed News and Jezebel have all shut down over the past year, while traditional media outlets such as the Los Angeles Times, Washington Post and Wall Street Journal have also suffered layoffs.
New York-based Vice, once an audacious media company targeting young audiences with an immersive storytelling style spanning digital, television and film, was valued at $5.7 billion in 2017. did.
Dixon did not provide details about the layoffs other than to say that several hundred people will be affected and will be notified early next week. The New York Times reported that the company currently has about 900 employees.
Dixon said: “We know it can be 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.”
He said it is no longer cost-effective for Vice to distribute digital content, including news, in the traditional way. He said Vice will place more emphasis on social channels and explore different ways to distribute content.
Dixon said Vice will follow a studio model as part of a strategic shift.
Before Vice filed for bankruptcy protection last year, it discontinued its TV show “Vice News Tonight” as part of its layoffs at the time.
(Editor: Vivek Dubey)
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