Vice Media Group was once an award-winning website but could not regain its former glory after it emerged from bankruptcy. The chief executive sent a memo on Thursday to staff mentioning hundreds of layoffs. It also said that it would stop publishing content on its flagship website. The Brooklyn-based company’s Refinery 29 brand will remain a standalone publication until it finds a buyer.
The memo from Vice CEO Bruce Dixon said that the company did not find it “cost-effective” to distribute content. It was looking to “fully transition to a studio model.”
The memo spoke of realigning the company’s resources and streamlining the overall operations at Vice. Therefore, Vice would reduce its workforce and remove “several hundreds of positions.”
Vice was considered to be a digital news pioneer. It was considered a hot brand in the early 2010s. It tried to create a new trend away from the old guard; however, some corporate titans, such as Disney and Fox, invested hundreds of millions of dollars in Vice Media.
Vice expanded rapidly and flourished in a period of low-interest rates. It did not turn a profit despite winning media awards and accolades. Many employees were laid off in recent years as the company cut costs.
Vice emerged from bankruptcy in 2023 with a new owner—the Fortress Investment Group. They reportedly failed to find a buyer, and the company is restructuring and letting off hundreds of employees.
Vice has already sold i-D magazine. In the memo, CEO Dixon said the company was “in advanced discussions” to sell its women’s lifestyle media site Refinery 29. Until then, the New York-based woman-focused publishing digital site will remain a “standalone” business.
Several news organizations, including The Washington Post, the Los Angeles Times, CNN, ABC News, Buzzfeed News, Vox, Business Insider, and others, have cut their workforce as video and short messaging formats overtake traditional news sites.
Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins, and Herbs. Become a WebFans Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X Men|Women
