Vice to lay off hundreds and stop publishing on website
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Vice Media CEO Bruce Dixon on Thursday said the company planned to lay off "several hundred positions" amid "fundamental changes" to its strategic vision.
Why it matters: The move follows a chaotic bankruptcy buyout last year, that saw the elimination of dozens of roles, consolidation of departments and canceling of news shows.
State of play: In his note, Dixon confirmed that Vice will be shutting down its digital operations, including its website.
- He said moving forward the company "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."
- He added that the company will no longer publish content on vice.com and will instead emphasize using social channels, where "content will be viewed most broadly."
Catch up quick: Vice, the parent company to brands like Refinery29, Virtue and others, was acquired by a syndicate led by Fortress Investment Group.
- Vice formerly owned i-D magazine but sold it and has been "in advanced discussions" to sell Refinery29, Dixon said in his note.
- He added that further news would be announced in the coming weeks.
- Until then, Refinery29 "will continue to operate as a standalone diversified digital publishing business," he said.
The big picture: Once high-flying media brands are shrinking as the digital ad market tightens further.
- BuzzFeed on Wednesday announced the sale of Complex for $108.6 million, a company it paid nearly triple for as part of its SPAC in 2021, albeit with some assets not involved.
- BuzzFeed also said it will lay off 16% of its workforce.
- Vox Media, which an executive once dubbed the "most acquisitive company" in digital media, spun off its political brand NowThis last year. It laid off 4% of its overall staff in November and 7% last January.
