Vice Media Group is set to cut “several hundred” jobs within the next week, as revealed in a memo from CEO Bruce Dixon addressing the company’s financial challenges.
In a restructuring move, the company will stop publishing content on Vice.com and shift focus to social channels, aiming to reach a broader audience through partnerships, as mentioned in the memo.
“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,” said the CEO.
Once valued at $5.7 billion, Vice Media Group filed for bankruptcy last year. In July 2023, it completed a $350 million sale to former lenders, including Fortress Investment Group, Soros Fund Management, and Monroe Capital.
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