Vice.com to cease publishing, lay off hundreds

[Jobhunter]

 

Vice Media Group, a digital media pioneer that rose to cultural prominence over a decade ago, has announced plans to cease publishing on its flagship news website, Vice.com. This decision, revealed in a memo to employees, marks a significant setback for the company.

 

The company’s CEO, Bruce Dixon, stated that it was no longer cost-effective to distribute their digital content in the manner they had previously done. This strategic shift indicates a move towards partnering with established media companies to distribute their digital content, including news, on global platforms. The company is transitioning fully to a studio mode.

 

This restructuring will unfortunately result in the elimination of several hundred positions. The company’s women’s lifestyle brand, Refinery29, will continue to operate as a standalone diversified digital publishing business. However, it’s worth noting that Vice Media Group is in advanced discussions to sell this business.

 

Once considered one of the hottest brands in digital media, Vice Media Group’s journey has been marked by its brash journalistic style and ambitious commercial goals. However, despite drawing significant investment from legacy heavy-hitters such as Disney and Fox, the company has struggled to turn a profit. This has led to waves of layoffs and cost-cutting measures over the last few years.

 

This development raises a curious question: What does the future hold for digital media companies in an ever-evolving business landscape? We’d love to hear your thoughts on this.

 

 

Read more:

• https://variety.com/2024/digital/news/vice-cease-publishing-layoff-hundreds-ceo-1235919843/
• https://thehill.com/homenews/media/4484059-vice-stop-publishing-website-lay-off-hundreds/
• https://www.nbcnews.com/news/us-news/media-plans-cut-hundreds-jobs-stop-publishing-flagship-website-rcna139997

 

 

Top image: Timon Schneider | Dreamstime.com