Vice Media CEO announces layoffs and changes: Report

The company plans to cut hundreds of jobs, shift its focus to social media, explore alternatives, and adopt a studio format.

According to a report, Vice Media's CEO informed staff members in a memo on February 22, 2024 that the business intends to fire several hundred workers and stop posting content on Vice.

CEO Bruce Dixon wrote a note to team members stating that Vice, which declared bankruptcy last year and was later purchased by a group headed by the Fortress Investment Group for $350 million, is also considering selling its Refinery 29 publishing division. It's the most recent indication that the media sector is struggling financially.

Aside from employment losses at traditional media companies like the Wall Street Journal, Washington Post, and Los Angeles Times, other digital sites that have closed in the last year include the Messenger, BuzzFeed News, and Jezebel.

Vice was formerly a media firm with an immersive narrative approach that spanned digital, television, and cinema sources. In 2017, Vice was valued at $5.7 billion. The company catered to a younger demographic.

Dixon stated that hundreds of individuals will be impacted and contacted early next week, but he did not provide any further details regarding the layoffs. The company employs roughly 900 workers at the moment. Dixon stated, "I know it's hard and feels overwhelming to say goodbye to our valued colleagues, but this is the best course of action for Vice as we position the company for long-term creative and financial success."

Vice's CEO, Dixon, announced that the company would prioritise social media and explore alternative content distribution methods, and adopt a studio format as part of its strategic change. The company discontinued its television show, "Vice News Tonight," last year, leading to bankruptcy.