Vice Media also plans to shut down its website and lay off hundreds of staff, joining the ongoing liberal media carnage.
Vice CEOs Bruce Dixon and Josefa Lokhandwala announced Thursday that the company is shutting down its website and laying off hundreds of staff. The memo said the company is considering partnering with media companies to distribute content as it “fully transitions” to a studio model.
Vice News ended many shows at the end of their production cycles, resulting in hundreds of people being laid off. Vice Media ended its show “Vice News Tonight” in April due to restructuring plans that led to layoffs at CNN. report.
“To be clear, Vice News is not going away,” Dixon and Lokhandwala wrote. “Vice will continue to produce Vice News documentaries, both series and films, as well as digital news for FAST channels, streaming services, and other partners.”
In a memo to staff, Deputy CEO Bruce Dixon announced hundreds of layoffs and that the company would no longer publish information on Vice.com. He also said that VMG is in advanced negotiations to sell Refinery29. pic.twitter.com/Xc9tl8uoYE
— Maxwelltani (@maxwelltani) February 22, 2024
He said distributing content digitally “is no longer cost-effective,” according to the memo.
“As part of this transition, we will no longer publish content on vice.com and will instead focus more on our social channels and will be in discussions with partners to bring our content to the most widely viewed places. accelerating,” he wrote. (Related article: LA Times collapses with dozens of layoffs, millions of dollars in revenue flushed down the toilet)
Vice Media filed for Chapter 11 bankruptcy protection in May 2023 after years of leadership turnover and financial troubles. Fortress Investment Group and Monroe Capital jointly acquired Soros Fund Management (SFM) and Vice in a $350 million deal.
According to the memo, the company is restructuring its corporate structure by reducing its business units from five to two. Posted Depending on the variety. The two new business lines Vice will oversee are Publishing, News and Creative Services and Studios, Television and Distribution.
Vice's digital entertainment website Refinery 29 will continue to operate as an “independent, diversified digital publishing business,” his announcement said.
“Moving to two dedicated LOBs will allow us to work more effectively toward our common creative and business goals, better align our talent and resources, and take advantage of the unique opportunities that lie ahead.” says the memo. “The combined business units provide a more cohesive, collaborative and focused structure that allows us to enrich our content across multiple products and distribution opportunities. “The transition will not happen overnight. Each LOB leader will follow up with further information regarding future plans.”
This is the latest hit in the ongoing liberal media carnage. NowThis laid off half of its editorial staff in mid-February as part of a “broader effort to realign its resources and structure to ensure long-term sustainability of the business in an evolving media landscape.” The Intercept has announced it will lay off 15 staff members, including editor-in-chief Roger Hodge.
CNN and NPR faced major layoffs at the end of 2022 due to declining profitability and, in CNN's case, record low ratings. Digital outlets such as Gannett and USA Today also faced large-scale layoffs.
