Vice Media is the newest firm to be hit by mass layoffs and a change of focus because the digital journalism business continues to shift.
In an inner memo to staff on Thursday obtained by Insider, Vice CEO Bruce Dixon introduced that the corporate can be shedding a whole lot of staffers upon the choice to cease publishing unique content material on its web site.
“We create and produce excellent unique content material true to the Vice model. Nevertheless, it’s now not cost-effective for us to distribute our digital content material the best way now we have accomplished beforehand,” Dixon wrote. “Transferring ahead, we’ll look to accomplice with established media corporations to distribute our digital content material, together with information, on their world platforms, as we totally transition to a studio mannequin.”
Associated: Report: Vice Media Headed For Chapter
Dixon stated that the corporate can be “placing extra emphasis” on social media platforms, although the corporate’s lifestyle-focused website, Refinery 29, will proceed to function independently. Nonetheless, it’s famous that Vice is in “superior discussions” to promote that outlet and that staff can anticipate an announcement concerning the potential sale within the coming weeks.
“That is curtains for me, I am afraid, after 9 years,” former Vice staffer Tess Owen wrote on X. “Feeling everywhere emotionally, & extra to come back tomorrow, however one factor I’ll say is that Vice, to me, has at all times been concerning the work & the individuals who made the work.”
Workers affected by the layoffs are anticipated to search out out by early subsequent week.
“I do know that saying goodbye to our valued colleagues is tough and feels overwhelming, however that is one of the best path ahead for Vice as we place the corporate for long-term artistic and monetary success,” Dixon stated. “Our monetary companions are supportive and have agreed to speculate on this working mannequin going ahead. We’ll emerge stronger and extra resilient as we embark on this new section of our journey.”
Vice Media filed for Chapter 11 chapter in Might 2023 in New York’s Southern District Courtroom, with the corporate’s belongings and liabilities listed between $500 million and $1 billion.
Associated: Snap Inc. to Layoff 10% of Its Complete International Workforce
The corporate was based by Shane Smith as {a magazine} in 1994 earlier than pivoting to digital media and streaming on HBO in 2013. It launched its personal video channel, Viceland, in 2016. By 2019, each the HBO programming and Viceland have been canceled.
Former CEO Nancy Dubuc additionally left the corporate final 12 months earlier than the chapter submitting.
