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Vice Media to lay off hundreds and cease publishing on site

Vice Media to lay off hundreds and cease publishing on site

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In the face of financial difficulties, Vice Media Group will discontinue publishing content on its own website, Vice.com, and lay off "several hundred" jobs in the next week. 

In a memo to Vice employees that has been circulating online, CEO Bruce Dixon said the company will be making fundamental changes to its strategic vision. Dixon went on to explain that it is no longer cost-effective to continue operations as is. 

"As we navigate the ever-evolving business landscape, we need to adapt and best align our strategies to be more competitive in the long term," wrote Dixon in the memo. 

"We create and produce outstanding original content true to the Vice brand. However, it is no longer cost-effective for us to distribute our digital content the way we have done previously."

Don't miss: Tatler Asia names digital veteran Parminder Singh as chief operating officer 

Moving forward, Vice will transition to a studio model and partner with established media companies to distribute its digital content.

In addition, Vice will also no longer publish content on Vice.com and will instead be putting more emphasis on social channels as it accelerates its discussions with partners to take its content to where it will be viewed most broadly," Dixon wrote in the memo. 

In the same memo, Dixon said that Refinery29 - which is also owned by Vice Media Group - will continue to operate as a standalone diversified digital publishing business, creating engaging, social first content. 

That said, Vice Media Group is still "in advanced discussions" to sell Refinery29. 

With the strategic shift, Dixon added that several employees will lose their jobs to realign Vice's resources and streamline its overall operations. 

"Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions. This decision was not made lightly, and I understand the significant impact it will have on those affected," wrote Dixon. 

"Employees who will be affected will [be] notified about next steps early next week, consistent with local laws and practices." 

MARKETING-INTERACTIVE has reached out for more information.

Vice Media Group filed for Chapter 11 bankruptcy protection last year.  In July 2023, it closed a US$350 million sale to Fortress Investment Group, Soros Fund Management and Monroe Capital, according to media reports.

The media group also reportedly did a round of layoffs after several Vice News shows were unsuccessful in getting renewed. After that round of layoffs, Vice Media reportedly had over 900 employees worldwide. In the past, it allegedly had 3,000. 

Join us this coming 24 - 25 April for #Content360, a two-day extravaganza centered around four core thematic pillars: Explore with AI; Insight-powered strategies; Content as an experience; and Embrace the future. Immerse yourself in learning to curate content with creativity, critical thinking, and confidence with us at Content360!

Related articles:
Lazada SG reportedly lays off staff 
Spotify axes 17% of employees in third round of layoffs 
Alibaba reportedly refutes rumours about layoffs 

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