Singapore – Vice Media Group has announced that it will cease publishing new content on its main news site Vice.com, as well as announcing more layoffs across its staff, according to an internal memo Bruce Dixon, group CEO at Vice Media Group, sent out across its employees.
According to the memo, Vice Media will look into partnering with established media companies to distribute their digital content, including news, on their global platforms, as the company fully transitions to a studio model.
“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,” Dixon said.
While he did not specify how many employees, Dixon said that the company will be ‘eliminating several hundred positions’. He also noted that Refinery 29, Vice’s standalone website focused on young women stories, will remain as a standalone business. The memo did not mention, however, on the current standing of Virtue, Vice’s in-house creative agency.
“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,” he added.
The company had previously announced bankruptcy earlier in 2023, and was acquired by investment companies Fortress Investment Group, Soros Fund Management and Monroe Capital for US$350m. Prior to this, it had also announced several layoffs, including the entirety of its newsroom team in Asia-Pacific.
Aside from Vice Media Group, the media industry has been taking a hit this year, with media entities such as Time, Wall Street Journal, TechCrunch, Forbes, and Business Insider all announcing staff reductions earlier this year. In APAC, CNN Philippines recently shut down due to financial losses, effectively laying off its entire workforce.
