Vice Media will lay off hundreds of workers and cease publishing on its website, Vice.com., according to a leaked memo sent to staffers, to transition to a "studio model."
Vice was previously a dynamic media company targeting a younger audience with immersive storytelling across digital, TV, and film, valued at five billion seven hundred million dollars in 2017.
The Leaked Memo to Staffers
Vice.com would cease content publication and lay off hundreds of employees following previous job cuts in April and November 2023. The news surfaced from a leaked memo sent by Vice Media's chief Bruce Dixon to staffers, in which tech journalist Brian Merchant posted a copy of the memo on X.
Vice Media's modern news site is the newest to shutter amid ongoing challenges in the media industry. Vice CEO Bruce Dixon has announced that affected employees will be notified of job losses in the coming days. The memo also mentioned that Refinery29, another media brand owned by Vice, will remain independent and focus on creating engaging, social-first content as a diversified digital publishing business.
Last year, Vice filed for Chapter 11 bankruptcy before it was sold for three hundred fifty million dollars to a consortium led by Fortress Investment Group. Dixon mentioned that selling the business is in advanced talks, with more details expected in the coming weeks.
An Upsetting Closure of Vice's News Website
The Hollywood Reporter disclosed that many Vice employees were worried about the potential closure of its news website. According to reports, Vice editors met with staff but received no clear guidance from management.
In a conference call with staff on Thursday, the Vice News executive editor Josh Visser mentioned he had requested clarification from the company's executives regarding rumors of a possible website closure but had not received a response yet. Visser stated, as reported by the Hollywood Reporter, "I don't know more than you guys besides being able to read faces and notice who is not replying to my messages."
According to the Hollywood Reporter, Visser expressed his distress, describing the situation as "very upsetting," stating that a website being pulled down would be completely reprehensible, and he could not understand why any business would do something like that.
Shifting to a "Studio Model" and Social Media Dissemination
Vice CEO Bruce Dixon expressed sadness in letting go of valued colleagues but emphasized the decision as "the best path forward" as Vice positions for long-term creative and financial success. The company intends to focus more on its social channels for content dissemination and aims to collaborate with established media companies as it shifts to a "studio model."
Following previous reductions to various shows and numerous layoffs in November of last year, Vice Union stated on Twitter/X that they are no longer surprised that laying people off is VICE's only way to move forward.
Widespread Layoff in the Media Industry
According to a union's statement, the media industry has recently witnessed widespread layoffs, including NowThis and the Intercept.
Last autumn, Condé Nast, which owned several outlets like The New Yorker, Vogue, Wired, Vanity Fair, and Architectural Digest, announced it was laying off 5% of its employees. Likewise, Vox Media declared it would cut about 4% of its workforce after reducing headcount by 7% in early 2023.
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