Vice Media Group announced it will be laying off several hundred employees‚ according to a memo the company’s chief executive sent employees on Thursday. The company will discontinue publishing content on its own website. “It is no longer cost-effective for us to distribute our digital content the way we have done previously‚” Vice CEO Bruce Dixon said in the memo‚ obtained by NBC News. Report: Vice Media set to halt publishing on its website and plans to cut hundreds of jobs. pic.twitter.com/wseen1PrBw — The Calvin Coolidge Project (@TheCalvinCooli1) February 23‚ 2024 Dixon said the company will put “more emphasis on our social channels as we accelerate our discussions with partners to take our content to where it will be viewed most broadly.” Per NBC News: Dixon added that the company would now “look to partner with established media companies to distribute our digital content‚ including news‚ on their global platforms‚ as we fully transition to a studio model.” Refinery29‚ the company’s women’s lifestyle brand‚ will continue to operate as a “standalone diversified digital publishing business‚” Dixon said‚ though executives are in “advanced discussions to sell this business‚ and we are continuing with that process.” (Vice acquired Refinery29 in 2019.) “With this strategic shift comes the need to realign our resources and streamline our overall operations at Vice‚” Dixon wrote in the memo. “Regrettably‚ this means that we will be reducing our workforce‚ eliminating several hundred positions.” In the early 2010s‚ Vice was considered one of the hottest brands in digital media‚ known for its brash journalistic style and far-reaching commercial ambitions. In its heyday‚ coinciding with a period of low interest rates‚ Vice was an insurgent empire that included a news website‚ an entertainment studio‚ an HBO series‚ a cable TV channel and an in-house marketing agency. #BREAKING: Vice Media has announced its decision to stop publishing on https://t.co/DQKogcILpS and has plans to cut hundreds of jobs. pic.twitter.com/77AbHvaMRd — R A W S A L E R T S (@rawsalerts) February 22‚ 2024 “I could have saved VICE Maybe I will buy the domain‚” Tim Pool‚ who previously worked for Vice Media‚ commented. I could have saved VICE Maybe I will buy the domain https://t.co/QYJ7zA5RID — Tim Pool (@Timcast) February 22‚ 2024 Variety reports: The company — which was once valued at $5.7 billion in its go-go years — filed for Chapter 11 bankruptcy protection last year and in July 2023 closed a $350 million sale to a group of its former lenders‚ Fortress Investment Group‚ Soros Fund Management and Monroe Capital. Last fall‚ Vice made another round of layoffs after several Vice News shows failed to get renewed‚ and consolidated its five operating divisions down to two. After those cuts‚ Vice Media had over 900 employees worldwide; at one point‚ it had about 3‚000. Dixon‚ formerly Vice Media Group’s CFO‚ was named co-CEO of the company alongside former chief strategy officer Hozefa Lokhandwala one year ago after the exit of former chief exec Nancy Dubuc. Lokhandwala left the company in December. Once Valued At $5.7BN‚ Vice Media Stops Publishing And Nothing Of Value Was Lost https://t.co/qAlZfBEivt — zerohedge (@zerohedge) February 23‚ 2024 The full memo from Vice Media CEO Bruce Dixon reads: Dear Vice Team‚ 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. After careful consideration and discussion with the board‚ we have decided to make some fundamental changes to our strategic vision at Vice. 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. Moving forward‚ we will look to partner with established media companies to distribute our digital content‚ including news‚ on their global platforms‚ as we fully transition to a studio model. As part of this shift‚ we will no longer publish content on vice.com‚ instead putting more emphasis on our social channels as we accelerate our discussions with partners to take our content to where it will be viewed most broadly. Separately‚ Refinery 29 will continue to operate as a standalone diversified digital publishing business‚ creating engaging‚ social first content. As you know‚ we are in advanced discussions to sell this business‚ and we are continuing with that process. We expect to announce more on that in the coming weeks. With this strategic shift comes the need to realign our resources and streamline our overall operations at Vice. 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. Employees who will be affected will notified about next steps early next week‚ consistent with local laws and practices. I know that saying goodbye to our valued colleagues is difficult and feels overwhelming‚ but this is the best path forward for Vice as we position the company for long-term creative and financial success. Our financial partners are supportive and have agreed to invest in this operating model going forward. We will emerge stronger and more resilient as we embark on this new phase of our journey. Thank you for your continued dedication to Vice and support during this time of transition. Together‚ I am confident that we will overcome any challenges and achieve our shared goals. Bruce

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